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OIL: Oil Steady with Expected OPEC+ Meeting Delay Until Dec. 5

OIL
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Crude oil prices are holding steady with thin volumes expected due to the Thanksgiving holiday. Front month Brent is holding within yesterday’s range between about $72.3/bbl and $73.4/bbl with little support from the softer US dollar and US crude stocks draw yesterday.

  • Crude markets have been trading in a $5/bbl range since mid October weighing the lower risk premium due to the Israel / Hezbollah ceasefire with support from growing expectation that OPEC+ will delay a planned production increase for early next year.
  • OPEC+ is to delay the online ministers meeting until Dec. 5, according to Bloomberg citing delegates.
  • The impact of the Trump administration on the oil supply from the US and Iran is also uncertain while the soft demand outlook for China continues to weigh on prices.
  • EIA data yesterday showed US crude inventories fell more than expected driven by a bid drop in imports, especially in PADD3, and despite a rebound in crude production up to 13.49mb/d. Refinery runs showed a small increase back up to 90.5%.
  • Diesel and gasoline crack spreads are trading lower this week with US diesel demand falling further below normal this week and after an unexpected increase in US gasoline stocks.
    • Brent JAN 25 down 0.2% at 72.7$/bbl
    • WTI JAN 25 down 0.2% at 68.57$/bbl
    • Brent JAN 25-FEB 25 up 0.01$/bbl at 0.54$/bbl
    • Brent JUN 25-DEC 25 up 0.01$/bbl at 1.02$/bbl
    • US gasoline crack up 0.1$/bbl at 12.46$/bbl
    • US ULSD crack down 0.3$/bbl at 23.79$/bbl
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Crude oil prices are holding steady with thin volumes expected due to the Thanksgiving holiday. Front month Brent is holding within yesterday’s range between about $72.3/bbl and $73.4/bbl with little support from the softer US dollar and US crude stocks draw yesterday.

  • Crude markets have been trading in a $5/bbl range since mid October weighing the lower risk premium due to the Israel / Hezbollah ceasefire with support from growing expectation that OPEC+ will delay a planned production increase for early next year.
  • OPEC+ is to delay the online ministers meeting until Dec. 5, according to Bloomberg citing delegates.
  • The impact of the Trump administration on the oil supply from the US and Iran is also uncertain while the soft demand outlook for China continues to weigh on prices.
  • EIA data yesterday showed US crude inventories fell more than expected driven by a bid drop in imports, especially in PADD3, and despite a rebound in crude production up to 13.49mb/d. Refinery runs showed a small increase back up to 90.5%.
  • Diesel and gasoline crack spreads are trading lower this week with US diesel demand falling further below normal this week and after an unexpected increase in US gasoline stocks.
    • Brent JAN 25 down 0.2% at 72.7$/bbl
    • WTI JAN 25 down 0.2% at 68.57$/bbl
    • Brent JAN 25-FEB 25 up 0.01$/bbl at 0.54$/bbl
    • Brent JUN 25-DEC 25 up 0.01$/bbl at 1.02$/bbl
    • US gasoline crack up 0.1$/bbl at 12.46$/bbl
    • US ULSD crack down 0.3$/bbl at 23.79$/bbl