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Oil Summary at European Close: Crude Ticks Up

OIL

Crude front month has regained ground in volatile trading, reversing a steep drop prior to the EIA data release where crude stocks showed a larger than expected build. The market continues to weigh the risks of future OPEC+ supplies in anticipation of the meeting tomorrow.

  • Brent JAN 24 up 0.5% at 82.12$/bbl
  • WTI JAN 24 up 0.7% at 76.92$/bbl
  • EIA Weekly US Petroleum Summary - w/w change week ending Nov 24: Crude stocks +1,610 vs Exp 0, Crude production 0, SPR stocks +313, Cushing stocks +1,854
  • Oil loadings at the CPC oil terminal remain halted amid an ongoing storm alert.
  • OPEC+ has been reported this week to be in a deadlock with Nigeria/Angola over quotas. However, no delay to the meeting is currently expected, two OPEC+ sources told Reuters.
  • Saudi Aramco is forecast to cut the official selling price of the flagship Arab Light crude to Asia by 1.05$/bbl for January from the previous month according to a Bloomberg survey.
  • Venezuela’s oil and gas production grew 12.9% in Q3 according to President Nicolás Maduro.
  • Indian refiners have begun to buy Venezuelan crude, increasing competition for Chinese teapots, according to S&P Commodity Insights.
  • Kazakhstan crude supplies to Germany via the northern leg of the Druzhba pipeline are expected to increase by 54% to 154k tons in November according to KazTransOil.
  • The North Sea combined BFOET exports are set to decline to 610kbpd in January, according to the latest loading schedules.
  • - MNI COMMODITY WEEKLY: OPEC+ at Odds in Attempted Supply Defense - Full piece here: https://enews.marketnews.com/ct/x/pjJscQKBlbkI6a9mJhx1SA~k1zZ8KXr-kA8x6nFU5TxptIPjO1OcQ

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