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OIL: Oil Summary at European Close: Crude Climbing

OIL
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Crude has risen strongly today as concerns over an escalation in the Russia-Ukraine war are set against pressure from a small build in US crude inventories.

  • Brent JAN 25 up 2% at 74.23$/bbl
  • WTI JAN 25 up 2.1% at 70.2$/bbl
  • The escalatory nature of the Russia/Ukraine conflict is still adding support for energy markets. The conflict ratcheted higher this week after Ukraine was permitted by Washington to launch U.S. ATACMS missiles at targets in Russia on Tuesday.
  • Early November data suggests rising crude exports from the Pacific Basin, especially the Middle East, according to Vortexa.
  • China’s crude imports are on track to rebound in November to a three-month high, but increasing appetite is more price-driven than due to rising demand, according to Reuters.
  • Oil demand growth in China has peaked for transport fuels such as gasoline and diesel, according to Vitol global head of research, Giovanni Serio cited by Bloomberg.
  • Nigeria plans to load 153k b/d of Qua Iboa crude in January, according to Bloomberg.
  • Guyana's fourth FPSO is expected to depart for Guyana in Q1 2025, Hess’ CEO said.
  • Donald Trump’s new administration is looking to restart the Keystone XL pipeline project on his first day back in office.
  • Goldman forecasts Brent to rise to an average of $76/bbl in 2025, peaking at $78/bbl in June before falling to $73/bbl by Dec. 2025.
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Crude has risen strongly today as concerns over an escalation in the Russia-Ukraine war are set against pressure from a small build in US crude inventories.

  • Brent JAN 25 up 2% at 74.23$/bbl
  • WTI JAN 25 up 2.1% at 70.2$/bbl
  • The escalatory nature of the Russia/Ukraine conflict is still adding support for energy markets. The conflict ratcheted higher this week after Ukraine was permitted by Washington to launch U.S. ATACMS missiles at targets in Russia on Tuesday.
  • Early November data suggests rising crude exports from the Pacific Basin, especially the Middle East, according to Vortexa.
  • China’s crude imports are on track to rebound in November to a three-month high, but increasing appetite is more price-driven than due to rising demand, according to Reuters.
  • Oil demand growth in China has peaked for transport fuels such as gasoline and diesel, according to Vitol global head of research, Giovanni Serio cited by Bloomberg.
  • Nigeria plans to load 153k b/d of Qua Iboa crude in January, according to Bloomberg.
  • Guyana's fourth FPSO is expected to depart for Guyana in Q1 2025, Hess’ CEO said.
  • Donald Trump’s new administration is looking to restart the Keystone XL pipeline project on his first day back in office.
  • Goldman forecasts Brent to rise to an average of $76/bbl in 2025, peaking at $78/bbl in June before falling to $73/bbl by Dec. 2025.