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OIL: Oil End of Day Summary: Crude Regains Ground

OIL
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WTI has regained ground after a Reuters report that OPEC+ is discussing output return delays for Q1 2025. It would mark the third delay by the group but represent a longer delay than the prior one-month extensions

  • WTI JAN 25 up 0.5% at 69.03$/bbl
  • The IDF has confirmed that it struck a Hezbollah-affiliated compound in Southern Lebanon. It appears the strike may violate the terms of the Israel-Hezbollah ceasefire agreed this week.
  • OPEC+ is to delay the online ministers meeting until Dec. 5, according to Bloomberg citing delegates.
  • The North Sea combined BFOET loadings in January are scheduled to fall to 588kbpd compared to 632kbpd in December, according to loading programs compiled by Bloomberg.
  • North Sea John Sverdrup crude loadings have been set at 23.8m bbl, or 768k b/d in January, according to a loading programme seen by Bloomberg.
  • China’s independent refiners have been buying up Middle East and African barrels as Iranian barrels become more expensive according to Kpler tracking.
  • Asia's November crude oil imports edged up to 26.42mbpd in November from 26.11mbpd in October and 26.24mbpd in September, according LSEG data.
  • Iran’s crude oil exports are on track for a second monthly decline in November, expected to slip by 54 kbd to 1.43 Mbd according to Kpler.
  • Nigeria has reduced the official selling price for Qua Iboe crude in December to Dated Brent plus 89 cents/b, the lowest level since July, according to price lists compiled by Bloomberg.
  • WAF’s oil exports to Asia this month are set to reach their strongest level since Sep. 2023, driven by stronger loadings to India, Bloomberg said.
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WTI has regained ground after a Reuters report that OPEC+ is discussing output return delays for Q1 2025. It would mark the third delay by the group but represent a longer delay than the prior one-month extensions

  • WTI JAN 25 up 0.5% at 69.03$/bbl
  • The IDF has confirmed that it struck a Hezbollah-affiliated compound in Southern Lebanon. It appears the strike may violate the terms of the Israel-Hezbollah ceasefire agreed this week.
  • OPEC+ is to delay the online ministers meeting until Dec. 5, according to Bloomberg citing delegates.
  • The North Sea combined BFOET loadings in January are scheduled to fall to 588kbpd compared to 632kbpd in December, according to loading programs compiled by Bloomberg.
  • North Sea John Sverdrup crude loadings have been set at 23.8m bbl, or 768k b/d in January, according to a loading programme seen by Bloomberg.
  • China’s independent refiners have been buying up Middle East and African barrels as Iranian barrels become more expensive according to Kpler tracking.
  • Asia's November crude oil imports edged up to 26.42mbpd in November from 26.11mbpd in October and 26.24mbpd in September, according LSEG data.
  • Iran’s crude oil exports are on track for a second monthly decline in November, expected to slip by 54 kbd to 1.43 Mbd according to Kpler.
  • Nigeria has reduced the official selling price for Qua Iboe crude in December to Dated Brent plus 89 cents/b, the lowest level since July, according to price lists compiled by Bloomberg.
  • WAF’s oil exports to Asia this month are set to reach their strongest level since Sep. 2023, driven by stronger loadings to India, Bloomberg said.