November 25, 2024 19:22 GMT
OIL: Oil End of Day Summary: Crude Plunges
OIL
Oil prices have slid around 3% on the day towards the intraday lows of Nov. 21. Downside resulted from reports of a coming Israel-Hezbollah ceasefire within 36 hours.
- WTI JAN 25 down 3.3% at 68.88$/bbl
- Roi Kais at Kan reporting that, "The Lebanese newspaper al-Nahar also joins the reports that a [Israel-Hezbollah] ceasefire [agreement in Lebanon] will be announced in the next 36 hours.
- The market awaits signs of OPEC’s output plans for 2025 after previous attempts to try and bring barrels back to the market during Q4 were delayed.
- OPEC+ may consider leaving its current oil output cuts in place from Jan. 1 at its next meeting on Sunday, Azerbaijan's Energy Minister Parviz Shahbazov told Reuters
- US crude oil inventories are expected to have risen by 0.3m bbl in the week to Nov. 22 according to an initial Reuters survey of four analysts.
- Trumps administration will roll out a wide-ranging package of energy related policies within days of office according to Reuters sources.
- China has released an additional crude oil import quota of at least 5.84m mt (116,800 b/d) to Teapots for cargoes arriving by end-2024 and in early 2025, according to Reuters.
- BP anticipates strong US growth and expects regulatory improvements under the Trump presidency, according to CEO Murray Auchincloss.
- Libya will ship 15 cargoes of Es Sider amounting to 305k b/d, according to Bloomberg.
- Kazakhstan oil production is expected to fall to 88.4m mt in 2024 according to its energy minister.
- Sonangol cut offers for three spot cargoes of Angolan crude cargoes for January loading, according to Bloomberg.
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