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OIL: Oil End of Day Summary: WTI Down 4.5% on Week

OIL

WTI fell to its lowest intraday level since Oct. 29 and remains under pressure from mixed Chinese economic and consumption data and growing expectations of a supply surplus in 2025. 

  • WTI DEC 24 down 2.2% at 67.17$/bbl
  • Money managers have cut their bullish ICE Brent crude oil bets by 22,606 net-long positions to 103,539, according to Bloomberg citing ICE data.
  • Saudi-based Arab News posts on X: "Hamas says they are ready for a ceasefire and we are waiting for Trump to pressure Israel".
  • The US oil rig count was down 1 on the week at 478 rigs, according to Baker Hughes. This is down 22 rigs, or 4.4% on the year.
  • Mexico will continue exporting its crude in 2025, despite the government’s objective to refine all its oil production, Bloomberg reported citing the Ministry of Finance.
  • Pemex has cut its Maya crude OSP to the US to a $9.1/b discount.
  • QatarEnergy cut its term price for al-Shaheen crude oil loading in January.
  • China and the United Arab Emirates imports of Iran’s condensate may fall if U.S. President-elect Donald Trump tightens curbs, FGE said cited by Reuters.
  • The Biden administration is considering additional financial sanctions on Russia to restrict energy trade.
  • It’s still too early to speculate on the impact of the incoming Trump administration on the energy sector, Shell CEO Wael Sawan said.
  • Urals FOB oil prices averaged between $60.8 - $61.8/bbl in H1 November, Interfax said citing Argus.
  • Libya’s crude output in November is set to be an 11-year high, MEES reported citing NOC.
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WTI fell to its lowest intraday level since Oct. 29 and remains under pressure from mixed Chinese economic and consumption data and growing expectations of a supply surplus in 2025. 

  • WTI DEC 24 down 2.2% at 67.17$/bbl
  • Money managers have cut their bullish ICE Brent crude oil bets by 22,606 net-long positions to 103,539, according to Bloomberg citing ICE data.
  • Saudi-based Arab News posts on X: "Hamas says they are ready for a ceasefire and we are waiting for Trump to pressure Israel".
  • The US oil rig count was down 1 on the week at 478 rigs, according to Baker Hughes. This is down 22 rigs, or 4.4% on the year.
  • Mexico will continue exporting its crude in 2025, despite the government’s objective to refine all its oil production, Bloomberg reported citing the Ministry of Finance.
  • Pemex has cut its Maya crude OSP to the US to a $9.1/b discount.
  • QatarEnergy cut its term price for al-Shaheen crude oil loading in January.
  • China and the United Arab Emirates imports of Iran’s condensate may fall if U.S. President-elect Donald Trump tightens curbs, FGE said cited by Reuters.
  • The Biden administration is considering additional financial sanctions on Russia to restrict energy trade.
  • It’s still too early to speculate on the impact of the incoming Trump administration on the energy sector, Shell CEO Wael Sawan said.
  • Urals FOB oil prices averaged between $60.8 - $61.8/bbl in H1 November, Interfax said citing Argus.
  • Libya’s crude output in November is set to be an 11-year high, MEES reported citing NOC.