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OIL: Oil Rangebound on Thin Holiday Trading

OIL
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Oil prices edged higher on Monday on thin trading and a lack of any meaningful drivers and prices remain rangebound.

  • Brent FEB 25 up 0.2% at 74.35$/bbl
  • WTI FEB 25 up 0.3% at 70.83$/bbl
  • China's PMI factory survey is due on Tuesday while the U.S. ISM survey for December is set to be released on Friday, both offering oil markets some direction.
  • China has issued at least 152.49 million metric tons of crude oil import quotas to independent refiners in a second batch for 2025 so far according to Reuters sources on Monday.
  • Algorithmic traders on Monday flipped to a net-long position in Brent crude after being short since mid-October, according to data from Bridgeton Research Group.
  • Money managers reduced net long Brent crude positions in the week to Dec. 24 but remain above levels seen through most of the period between August and November, according to the ICE Commitments of Traders data.
  • Crude curve backwardation continues to strengthen, since the OPEC+ output hike delay, with Jun25-Dec25 rallying to the highest since August suggesting tight supplies.
  • Available capacity at U.S. oil refiners is expected to decrease by 108,000 bpd in the week ending Jan. 3, IIR Energy said on Monday.
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Oil prices edged higher on Monday on thin trading and a lack of any meaningful drivers and prices remain rangebound.

  • Brent FEB 25 up 0.2% at 74.35$/bbl
  • WTI FEB 25 up 0.3% at 70.83$/bbl
  • China's PMI factory survey is due on Tuesday while the U.S. ISM survey for December is set to be released on Friday, both offering oil markets some direction.
  • China has issued at least 152.49 million metric tons of crude oil import quotas to independent refiners in a second batch for 2025 so far according to Reuters sources on Monday.
  • Algorithmic traders on Monday flipped to a net-long position in Brent crude after being short since mid-October, according to data from Bridgeton Research Group.
  • Money managers reduced net long Brent crude positions in the week to Dec. 24 but remain above levels seen through most of the period between August and November, according to the ICE Commitments of Traders data.
  • Crude curve backwardation continues to strengthen, since the OPEC+ output hike delay, with Jun25-Dec25 rallying to the highest since August suggesting tight supplies.
  • Available capacity at U.S. oil refiners is expected to decrease by 108,000 bpd in the week ending Jan. 3, IIR Energy said on Monday.