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OIL: Oil Summary at European Close: Crude Rises

OIL
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Crude markets are higher today after the US CPI data came in line and US crude stocks showed a larger than expected draw.

  • Brent FEB 25 up 1.2% at 73.06$/bbl
  • WTI JAN 25 up 1.6% at 69.67$/bbl
  • CPI Nov'24 Unrounded % M/M (SA): Headline 0.313%; Core: 0.308% (0.280% prior mth)
  • OPEC lowered its annual demand growth to 1.61m b/d for 2024, down 210k b/d compared to last month’s assessment, according to its MOMR.
  • EIA Weekly US Petroleum Summary - w/w change week ending Dec 06: Crude stocks -1,425 vs Exp -744, Crude production +118, SPR stocks +724, Cushing stocks -1,298
  • The Biden administration is considering stricter sanctions on Russia’s oil exports before Trump takes office in January, which if enforced could reduce global supply.
  • The Biden administration is poised to unveil steep new tariffs on imports of critical materials from China in its final effort to protect US manufacturing from the Asian superpower’s dominant cleantech industry
  • ARA crude storage rebounded up 8.1%, or 3.97mbbls, in the week ended Dec. 6 to 52.73mbbls according to Genscape.
  • Global oil inventories are expected to decline by 200kb/d in Q1 2025 and 100kb/d next year, according to Standard Chartered cited by Bloomberg.
  • Black Sea CPC oil loadings rose by 11% in November on the month to 4.965m mt.
  • The oil market will be “almost balanced” and not be as oversupplied as many expect and will trade around $80/bbl next year, according to UBS cited by Bloomberg.
  • Exxon Mobil aims to raise overall oil and gas output up about 18% by 2030 to 5.4mbpd, from roughly 4.58mbpd currently, according to Reuters.
  • MNI Commodity Weekly: 2025 Demand Outlook in Focus: https://enews.marketnews.com/ct/x/pjJsdgGJluoI6a1mKhx-Ew~k1zZ8KXr-kA8x67GW5eiptIPjL4SdA
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Crude markets are higher today after the US CPI data came in line and US crude stocks showed a larger than expected draw.

  • Brent FEB 25 up 1.2% at 73.06$/bbl
  • WTI JAN 25 up 1.6% at 69.67$/bbl
  • CPI Nov'24 Unrounded % M/M (SA): Headline 0.313%; Core: 0.308% (0.280% prior mth)
  • OPEC lowered its annual demand growth to 1.61m b/d for 2024, down 210k b/d compared to last month’s assessment, according to its MOMR.
  • EIA Weekly US Petroleum Summary - w/w change week ending Dec 06: Crude stocks -1,425 vs Exp -744, Crude production +118, SPR stocks +724, Cushing stocks -1,298
  • The Biden administration is considering stricter sanctions on Russia’s oil exports before Trump takes office in January, which if enforced could reduce global supply.
  • The Biden administration is poised to unveil steep new tariffs on imports of critical materials from China in its final effort to protect US manufacturing from the Asian superpower’s dominant cleantech industry
  • ARA crude storage rebounded up 8.1%, or 3.97mbbls, in the week ended Dec. 6 to 52.73mbbls according to Genscape.
  • Global oil inventories are expected to decline by 200kb/d in Q1 2025 and 100kb/d next year, according to Standard Chartered cited by Bloomberg.
  • Black Sea CPC oil loadings rose by 11% in November on the month to 4.965m mt.
  • The oil market will be “almost balanced” and not be as oversupplied as many expect and will trade around $80/bbl next year, according to UBS cited by Bloomberg.
  • Exxon Mobil aims to raise overall oil and gas output up about 18% by 2030 to 5.4mbpd, from roughly 4.58mbpd currently, according to Reuters.
  • MNI Commodity Weekly: 2025 Demand Outlook in Focus: https://enews.marketnews.com/ct/x/pjJsdgGJluoI6a1mKhx-Ew~k1zZ8KXr-kA8x67GW5eiptIPjL4SdA