US NOV FLASH MANUF PMI 48.8 (FCST: 48.9); OCT 48.5

MNI:Largest Canada New Home Price Dip Since `09 Led By Toronto

CANADIAN OCT FLASH RETAIL SALES +0.7%, 4TH STRAIGHT INCREASE

MNI China Daily Summary: Friday, November 22

MNI: PBOC Net Drains CNY345.9 Bln via OMO Friday

MNI BRIEF: Fed Should Explore Central Clearing At SRF-Hammack

EZ/UK T-Bill Calendar: Germany, France Auction on Monday

EZ/UK Bond Supply Calendar: Gilt Syndi; IT, EU Due Monday

MNI: UNIV OF MICHIGAN CONSUMER SENTIMENT FINAL NOV INDEX 71.8

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

MNI EXCLUSIVE: German Turmoil Dashes EU's Joint-Funding Hopes -Officials

FED: Powell's Time Looks Up, Replacement Could Be Less Willing To Cut Rates?

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

OIL: Oil Summary at European Close: Crude Continues Pullback

OIL
BulletEnergy BulletsCommodities

Crude markets have cut some earlier loses after a larger than expected US crude inventory build according to the update EIA weekly petroleum data. However, a roll back in the political risk premium and comments that there are no changes to the OPEC+ deal under discussion.

  • Brent DEC 24 down 0.8% at 76.56$/bbl
  • WTI NOV 24 down 0.6% at 73.11$/bbl
  • EIA Weekly US Petroleum Summary - w/w change week ending Oct 04: Crude stocks +5,810 vs Exp +1,305, Crude production +100
  • Russian Deputy PM Novak said no changes to the OPEC+ deal is currently being discussed, Reuters said. It is too early to assess if the global oil market can digest additional OPEC+ barrels currently planned in December, he added.
  • There is no physical impact on oil yet as Iran exports continue with two VLCC and one Aframax loading at Kharj Island according to Bloomberg
  • ARA crude stocks fell 1.6mn bbls in the week ended October 4 to 52.4mn bbls according to Genscape.
  • The geopolitical risk premium in the oil market has decreased slightly this week following recent sharp increases last week, Goldman Sachs said.
  • Morgan Stanley has raised its Brent Q4 price forecast from $75/bbl to $80/bbl, according to Bloomberg.
  • Exane BNP Paribas anticipates a new phase for oil markets with a "substantial" excess OPEC+ capacity hanging over the oil & gas sector, according to Reuters.
  • Kazakhstan's is likely to be compliant with its OPEC+ oil target in October aided by the maintenance at the Kashagan field which started on Oct. 7 but could become problematic again on its return, Reuters said.
  • MNI COMMODITY WEEKLY: China Weakness Remains the Demand Driver for Oil: Full piece here:https://enews.marketnews.com/ct/x/pjJscVWPwu8I6a42KhtzTA~k1zZ8KXr-kA8x6mSXcOnptIPjO1OcQ
266 words

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.

Crude markets have cut some earlier loses after a larger than expected US crude inventory build according to the update EIA weekly petroleum data. However, a roll back in the political risk premium and comments that there are no changes to the OPEC+ deal under discussion.

  • Brent DEC 24 down 0.8% at 76.56$/bbl
  • WTI NOV 24 down 0.6% at 73.11$/bbl
  • EIA Weekly US Petroleum Summary - w/w change week ending Oct 04: Crude stocks +5,810 vs Exp +1,305, Crude production +100
  • Russian Deputy PM Novak said no changes to the OPEC+ deal is currently being discussed, Reuters said. It is too early to assess if the global oil market can digest additional OPEC+ barrels currently planned in December, he added.
  • There is no physical impact on oil yet as Iran exports continue with two VLCC and one Aframax loading at Kharj Island according to Bloomberg
  • ARA crude stocks fell 1.6mn bbls in the week ended October 4 to 52.4mn bbls according to Genscape.
  • The geopolitical risk premium in the oil market has decreased slightly this week following recent sharp increases last week, Goldman Sachs said.
  • Morgan Stanley has raised its Brent Q4 price forecast from $75/bbl to $80/bbl, according to Bloomberg.
  • Exane BNP Paribas anticipates a new phase for oil markets with a "substantial" excess OPEC+ capacity hanging over the oil & gas sector, according to Reuters.
  • Kazakhstan's is likely to be compliant with its OPEC+ oil target in October aided by the maintenance at the Kashagan field which started on Oct. 7 but could become problematic again on its return, Reuters said.
  • MNI COMMODITY WEEKLY: China Weakness Remains the Demand Driver for Oil: Full piece here:https://enews.marketnews.com/ct/x/pjJscVWPwu8I6a42KhtzTA~k1zZ8KXr-kA8x6mSXcOnptIPjO1OcQ