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OIL: Oil End of Day Summary: WTI Up 1.3% on Week

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Crude has extended the earlier fall on the day but is up around 1.3% on the week. The market is weighing any potential impact of new US energy policies, uncertainty around 2025 OPEC+ production, and abating supply risks associated with Hurricane Raphael.

  • WTI DEC 24 down 2.7% at 70.41$/bbl
  • US total oil and gas rig count was unchanged on the week at 479 rigs, according to Baker Hughes, down 15 rigs, or 3% on the year.
  • Hurricane Rafael was moving west with maximum winds at 110 mph (175 km/h), the National Hurricane Center said in an advisory at 9:00 CST.
  • Money managers have increased their bullish ICE Brent crude oil bets by 32,238 net-long positions to 126,145, according to Bloomberg citing ICE data.
  • President- elect Donald Trump plans to “drastically” increase sanctions directed at Iran according to WSJ reports.
  • Lacklustre global oil demand and rising costs may limit shale oil expansion despite calls from Donald Trump to “drill, baby, drill”, Standard Chartered said.
  • U.S. oil companies will be reluctant to commit capital towards producing more oil under the new administration change according to CIBCs Rebecca Babin.
  • The Biden administration bought 2.4m bbl of oil for the SPR, the energy department said Nov. 8, cited by Bloomberg.
  • OPEC+ would have to further delay its planned output hike to curb the anticipated global supply surplus next year, according to BMI, cited by Dow Jones.
  • China-bound crude loadings via Canada’s TMX pipeline reached 210kbd in October according to Vortexa, out of a record 410kbd in TMX-linked exports.
  • BTC Azeri crude loadings from the Turkish port of Ceyhan are set at 27 cargoes of around 18.33m bbl, or 591k b/d in Dec, Bloomberg said.
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Crude has extended the earlier fall on the day but is up around 1.3% on the week. The market is weighing any potential impact of new US energy policies, uncertainty around 2025 OPEC+ production, and abating supply risks associated with Hurricane Raphael.

  • WTI DEC 24 down 2.7% at 70.41$/bbl
  • US total oil and gas rig count was unchanged on the week at 479 rigs, according to Baker Hughes, down 15 rigs, or 3% on the year.
  • Hurricane Rafael was moving west with maximum winds at 110 mph (175 km/h), the National Hurricane Center said in an advisory at 9:00 CST.
  • Money managers have increased their bullish ICE Brent crude oil bets by 32,238 net-long positions to 126,145, according to Bloomberg citing ICE data.
  • President- elect Donald Trump plans to “drastically” increase sanctions directed at Iran according to WSJ reports.
  • Lacklustre global oil demand and rising costs may limit shale oil expansion despite calls from Donald Trump to “drill, baby, drill”, Standard Chartered said.
  • U.S. oil companies will be reluctant to commit capital towards producing more oil under the new administration change according to CIBCs Rebecca Babin.
  • The Biden administration bought 2.4m bbl of oil for the SPR, the energy department said Nov. 8, cited by Bloomberg.
  • OPEC+ would have to further delay its planned output hike to curb the anticipated global supply surplus next year, according to BMI, cited by Dow Jones.
  • China-bound crude loadings via Canada’s TMX pipeline reached 210kbd in October according to Vortexa, out of a record 410kbd in TMX-linked exports.
  • BTC Azeri crude loadings from the Turkish port of Ceyhan are set at 27 cargoes of around 18.33m bbl, or 591k b/d in Dec, Bloomberg said.