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Oil Summary at European Close: Crude Holds Gains

OIL

Crude markets are maintaining earlier gains after a larger than expected draw in US crude inventories from the weekly EIA data.

  • Brent FEB 24 up 0.8% at 73.84$/bbl
  • WTI JAN 24 up 0.8% at 69.14$/bbl
  • EIA Weekly US Petroleum Summary - w/w change week ending Dec 08: Crude stocks -4,258 vs Exp +20, Crude production 0, SPR stocks -6.
  • Two missiles fired from Yemen’s Houthi rebel territory missed a tanker loaded with jet fuel near the Bab el-Mandeb Strait on Wednesday according to AP News reports citing US officials. The Marshall Islands-flagged tanker was traveling north toward the Suez Canal in the Red Sea.
  • Crude inventories in ARA region rose by 1.3mn bbl in week ended 8 December to 56.3mn bbl, Genscape data show.
  • OPEC left oil demand growth expectations for this year and next unchanged while raising its 2023 global economic growth forecast in its latest monthly report.
  • UBS has cut its 4Q23 and 2024 oil price forecasts to “to reflect looser market balances as US supply continues to surprise to the upside while we see the recently announced OPEC+ additional cuts as likely to be limited.”
  • Sweet crude grades in the Mediterranean such as Azeri Light are firming amid better refining margins, especially for gasoline and naphtha, traders told Bloomberg.
  • Indian crude imports increased m/m in November and December shows further strength according to Vortexa as refiners move away from maintenance.
  • MNI COMMODITY WEEKLY: Russia’s OPEC+ Compliance Under Scrutiny Amid Middle East Charm Offensive - Full piece here: https://enews.marketnews.com/ct/x/pjJscQWJl-QI6a9lckh0Hg~k1zZ8KXr-kA8x6nCW5asptIPjO1OcQ
  • MNI COMMODITY ANALYSIS: End of Year China Weakness Weighs on Oil Complex https://enews.marketnews.com/ct/x/pjJscQWIwewI6a9lchF1SA~k1zZ8KXr-kA8x6nCWsCkptIPjO1OcQ

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