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Oil Summary at European Close: Crude Falling to Four-month Low

OIL

Brent is headed for its lowest close since mid-July, dropping below the $80/b mark as weaker demand sentiment and larger storage builds in the US weigh on prices and counter more positive demand outlooks earlier in the week from OPEC and the IEA.

  • Brent JAN 24 down -3.8% at 78.13$/bbl
  • WTI DEC 23 down -4.2% at 73.46$/bbl
  • JP Morgans head of energy strategy Christyan Malek has flagged deeper cuts as a potential avenue for the OPEC+ meeting – something he says the oil market is underestimating.
  • Global oil demand was up 2.5mb/d y/y in September at a seasonal record high for a fifth consecutive month according to JODI data. Demand dipped on a monthly basis but was supported by strong consumption in China, India, US, and Saudi Arabia.
  • Iran’s crude/condensate exports slipped to 1.3mn bpd in October, 100kbd below the Q3 average according to Vortexa and the lowest monthly pace since May.
  • There are 12 crude-laden VLCC’s offshore Malaysia as of November 14 according to Vortexa – 7 of which are laden with Iranian crude/condensate carrying a combined 12.5mn bbls.
  • Venezuela’s PDVSA is offering to sell up to 1mn bbls of Corocoro crude through an intermediary according to Reuters reports.
  • Russia and Venezuela signal further energy co-operation intent at the same time as the US has eased sanctions on its oil and gas sector.
  • The US Treasury Department is targeting three crude vessels in suspicion of breaching Russian oil related sanctions, it said in a statement.
Energy BulletsCommodities
Energy BulletsCommodities

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