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Prices Range Bound Close To November Lows, IEA Report Published Later

OIL

Oil prices have been trading in a very narrow range close to the November lows after falling over 3% overnight. Supply concerns are currently slightly outweighing tight supply as there has been little additional energy news. WTI has traded between $85-$86/bbl and is now just under $85.50 while Brent’s range has been $92.50-$93.50 and is now about $92.90.

  • The weaker-than-expected October economic data out of China plus a growing number of Covid infections weighed on sentiment in the oil market today.
  • News had not been good for either supply and demand with OPEC revising down oil demand expectations again for Q4, while for the first time in 2 years, the US fracked fewer wells than they had drilled. (Bloomberg)
  • The International Energy Agency publishes its Oil Market Report for November later and any material change to its supply and demand forecasts could move the market. US API inventory data is also published tonight. Last week it showed a 5.6mn barrel inventory build.
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Oil prices have been trading in a very narrow range close to the November lows after falling over 3% overnight. Supply concerns are currently slightly outweighing tight supply as there has been little additional energy news. WTI has traded between $85-$86/bbl and is now just under $85.50 while Brent’s range has been $92.50-$93.50 and is now about $92.90.

  • The weaker-than-expected October economic data out of China plus a growing number of Covid infections weighed on sentiment in the oil market today.
  • News had not been good for either supply and demand with OPEC revising down oil demand expectations again for Q4, while for the first time in 2 years, the US fracked fewer wells than they had drilled. (Bloomberg)
  • The International Energy Agency publishes its Oil Market Report for November later and any material change to its supply and demand forecasts could move the market. US API inventory data is also published tonight. Last week it showed a 5.6mn barrel inventory build.