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OIL: Oil End of Day Summary: Crude Rangebound

OIL
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Crude front month has eased back to near rangebound today, as the market weighs a larger US stock draw against the Israel-Hezbollah ceasefire.

  • WTI JAN 25 down 0% at 68.75$/bbl
  • The ceasefire between Israel and Hezbollah will be monitored closely with both sides attacking in the hours before the truce was due to begin.
  • EIA Weekly US Petroleum Summary - w/w change week ending Nov 22: Crude stocks -1,844 vs Exp -522, Crude production +292.
  • US total oil rig count was down 2 on the week at 477 rigs, according to Baker Hughes. This is down 28 rigs, or 5.5% on the year.
  • President-elect Donald Trump’s tariffs on Canadian and Mexican imports would hurt US refiners if crude oil were included, DNB said,.
  • Oil producers in Canada and Mexico will likely be forced to reduce prices and divert supply to Asia if Trump imposes 25% import tariffs on oil, Reuters said.
  • Saudi Arabia, Russia and Kazakhstan stressed the importance of full OPEC+ member commitment to the voluntary oil production cuts, according to the Saudi state news agency cited by Reuters.
  • OPEC is unlikely to unwind voluntary production cuts in the short term, executives of global commodity trading giants Vitol, Trafigura and Gunvor said at the Energy Intelligence Forum.
  • With crude prices still stuck in the low to mid-$70/b level, OPEC+ are faced with a third delay to their gradual unwinding of 2.2m b/d of voluntary cuts, Platt said.
  • MNI COMMODITY WEEKLY: Oil Markets Assess Trump Impact: https://enews.marketnews.com/ct/x/pjJscVeAxegI6a1nJxslHA~k1zZ8KXr-kA8x6mQUsSgptIPjO1OcQ
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Crude front month has eased back to near rangebound today, as the market weighs a larger US stock draw against the Israel-Hezbollah ceasefire.

  • WTI JAN 25 down 0% at 68.75$/bbl
  • The ceasefire between Israel and Hezbollah will be monitored closely with both sides attacking in the hours before the truce was due to begin.
  • EIA Weekly US Petroleum Summary - w/w change week ending Nov 22: Crude stocks -1,844 vs Exp -522, Crude production +292.
  • US total oil rig count was down 2 on the week at 477 rigs, according to Baker Hughes. This is down 28 rigs, or 5.5% on the year.
  • President-elect Donald Trump’s tariffs on Canadian and Mexican imports would hurt US refiners if crude oil were included, DNB said,.
  • Oil producers in Canada and Mexico will likely be forced to reduce prices and divert supply to Asia if Trump imposes 25% import tariffs on oil, Reuters said.
  • Saudi Arabia, Russia and Kazakhstan stressed the importance of full OPEC+ member commitment to the voluntary oil production cuts, according to the Saudi state news agency cited by Reuters.
  • OPEC is unlikely to unwind voluntary production cuts in the short term, executives of global commodity trading giants Vitol, Trafigura and Gunvor said at the Energy Intelligence Forum.
  • With crude prices still stuck in the low to mid-$70/b level, OPEC+ are faced with a third delay to their gradual unwinding of 2.2m b/d of voluntary cuts, Platt said.
  • MNI COMMODITY WEEKLY: Oil Markets Assess Trump Impact: https://enews.marketnews.com/ct/x/pjJscVeAxegI6a1nJxslHA~k1zZ8KXr-kA8x6mQUsSgptIPjO1OcQ