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Oil Summary at European Close: Crude Hits Near Four-Month Low

OIL

Crude front month has fallen sharply to new daily lows in European afternoon trading, amid a continued bearish outlook for demand in the US and China, as well as a slightly stronger US dollar. Headlines that the Russian government and oil companies are discussing to lift bans on some gasoline products also provides some downside. Brent is now oscillating around the $80/b mark, having dipped below for the first time since mid-July.

  • Brent JAN 24 down -1.59% at 80.02$/bbl
  • WTI DEC 23 down -1.65% at 75.72$/bbl
  • API weekly oil stock data: Crude +11.9mbbl, Cushing +1.1mbbl, Gasoline -0.4mbbl, Distillate +1mbbl
  • ARA crude inventories rose 175k bbl or 0.4% in the week ended Nov 3 to 49mn bbls according to Genscape.
  • The US could reimpose energy sanctions on Venezuela if commitments towards free elections and the release of more political prisoners are not met by 30 November according to White House senior adviser Juan Gonzales.
  • Venezuela’s PDVSA have signed a crude and gas production agreement aimed at boosting volumes with France’s Maurel & Prom.
  • Kazakhstan is ready to move more Russia oil and gas according to President Kassym-Jomart Tokayev ahead of Putin’s visit this week.
  • Kazakhstan’s oil production is estimated to rise to 90-94mn tons next year, up from an expected 89mn tons this year, Energy Minister Almasadam Satkaliyev said, cited by Bloomberg.
  • Russian ESPO crude prices have slipped to a discount to Brent in Chinese ports as its demand eases and freight costs have jumped.
  • Crude shipments from Guyana are set to hit 516k b/d in December, according to loading programmes. This is up 55% from the 333k forecasted exports in November. January loadings remain unchanged at 16m bbl, Bloomberg said.
  • Crude oil storage capacity utilisation in China was 57.31% as of Nov. 8, according to OilChem, down 0.45 percentage points on the week.
  • BTC Azeri Light loadings to rise to 602k b/d in Dec: programme -bbg
  • MNI COMMODITY ANALYSIS: Slipping China Refinery Runs Rattling Oil Markets - Full piece here: https://enews.marketnews.com/ct/x/pjJscQPaxL0I6agydx8iEw~k1zZ8KXr-kA8x6nECMX1ptIPjO1OcQ
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