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OIL

WTI & Brent sit ~+$0.50 vs. their respective settlement levels, building on the gains evident this week. Post settlement trade has seen crude benefit from larger than expected drawdowns in headline crude, distillate and gasoline stocks, per the latest weekly API crude inventory estimates, in addition to a drawdown at the Cushing hub, although both benchmarks sit off of their post settlement high. This came after the benchmarks added over $1.00 on Tuesday.

  • Tuesday also saw the Russian Energy Minister try to deploy his poker face, as he noted that it is too early to talk about possible changes to the OPEC+ production pact.
  • Elsewhere, the EIA slashed its 2021 world oil demand growth forecast by 360K bpd, while it lifted its 2020 world oil demand forecast by 10K bpd.
  • The Veterans Day holiday will limit liquidity in the space on Wednesday, while the weekly DoE inventory report will not hit until Thursday owing to the holiday.
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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