OIL: Oil End of Day Summary: WTI Resumes Losses

After regaining some ground, WTI has reversed to approach the close trading lower.  A stronger dollar after Trump’s election victory is weighing against concern of disrupted production in the Gulf of Mexico.

• WTI DEC 24 down 0.5% at 71.63$/bbl
• Hurricane Raphael has intensified to a category 3 hurricane and threatens 1.55m b/d of oil, down from 1.74m b/d yesterday, Bloomberg calculations show.
• BP, Shell, and Equinor have leases with production at highest risk from disruption.
• EIA Weekly US Petroleum Summary - w/w change week ending Nov 01: Crude stocks +2,149 vs Exp +402, Crude production 0
• Trump’s impending return to the White House has returned the possibility of a crack-down on Iranian sanctions enforcement.
• East Daley Analytics predicts crude oil production in the Bakken to rise to 1.31m b/d in 2025, the company said in a webinar cited by Bloomberg.
• Russia crude oil output is now in line with OPEC+ target as the country plans to adhere to the group commitments, according to Deputy PM Alexander Novak.
• Libya’s November crude loadings have been revised up to 1.12mb/d from an initial plan of 1.05mb/d, according to Bloomberg.
• The main implication of a Trump win for Iranian oil is the potential for sanctions against its barrels to be more harshly enforced, though there is the possibility for OPEC+ spare capacity to step in were this to be the case
• Russia Urals prices loading in November have climbed back above the G7 $60/bbl price cap according to traders speaking with Reuters.
• Oil prices have yet to show a significant movement with the impending return of Donald Trump to the White House, Rystad Energy's Mukesh Sahdev said, cited by Dow Jones.
• MNI COMMODITY WEEKLY: Sanctioned Barrels Face Potential Shake-Up: https://enews.marketnews.com/ct/x/pjJscVTZkuQI6a4zdxkgGQ~k1zZ8KXr-kA8x6mTC5OsptIPjO1OcQ