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US Daily Oil Summary

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The US may be forced to reimpose sanctions on Venezuela if Venezuela’s work toward fairer elections in the form of releasing political prisoners and unbanning political components is not met by the end of the month. Venezuela’s National Assembly President Jorge Rodriguez said on Friday the country will not accept ultimatums from anyone.

  • Venezuela will not accept "ultimatums from anyone" according to Venezuela's National Assembly President Jorge Rodriguez after the US warned it will assess eased sanctions relief if fair election progress is not made.
  • The US is confident Arab states will not ‘weaponise energy’ despite mounting anger across the Middle East over Israel’s bombardment of Gaza according to FT reports. “Oil has been weaponised from time-to-time since it became a traded commodity, so we’re always worried about that, working against that, but I think so far it hasn’t,” according to White House chief energy advisor Amos Hochstein in an FT interview.
  • US gasoline imports from Europe fell to 151kbpd in the week to 16 November, down from 173kbpd the week prior according to bills of lading and Bloomberg ship-tracking data.
  • Some US weekly data release dates are adjusted this week due to the Thanksgiving holiday on Thursday. The EIA weekly natural gas inventory report and Baker Hughes rig count data will both be published this week on Tuesday 22 November. The Nymex CFTC report will be delayed to 27 November.
  • USD: The greenback has extended the post US CPI weakness from last week as markets continue to remain optimistic over a soft-landing scenario. This has prompted the USD Index to breach the 200-day moving average for the first time since December last year.
  • Tuesday’s FOMC Minutes to the November meeting will be scrutinized for further insight into how participants viewed the impact of tighter financial conditions on the outlook, particularly given that they were added to the Statement as a factor that was "likely to weigh on economic activity, hiring, and inflation".
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The US may be forced to reimpose sanctions on Venezuela if Venezuela’s work toward fairer elections in the form of releasing political prisoners and unbanning political components is not met by the end of the month. Venezuela’s National Assembly President Jorge Rodriguez said on Friday the country will not accept ultimatums from anyone.

  • Venezuela will not accept "ultimatums from anyone" according to Venezuela's National Assembly President Jorge Rodriguez after the US warned it will assess eased sanctions relief if fair election progress is not made.
  • The US is confident Arab states will not ‘weaponise energy’ despite mounting anger across the Middle East over Israel’s bombardment of Gaza according to FT reports. “Oil has been weaponised from time-to-time since it became a traded commodity, so we’re always worried about that, working against that, but I think so far it hasn’t,” according to White House chief energy advisor Amos Hochstein in an FT interview.
  • US gasoline imports from Europe fell to 151kbpd in the week to 16 November, down from 173kbpd the week prior according to bills of lading and Bloomberg ship-tracking data.
  • Some US weekly data release dates are adjusted this week due to the Thanksgiving holiday on Thursday. The EIA weekly natural gas inventory report and Baker Hughes rig count data will both be published this week on Tuesday 22 November. The Nymex CFTC report will be delayed to 27 November.
  • USD: The greenback has extended the post US CPI weakness from last week as markets continue to remain optimistic over a soft-landing scenario. This has prompted the USD Index to breach the 200-day moving average for the first time since December last year.
  • Tuesday’s FOMC Minutes to the November meeting will be scrutinized for further insight into how participants viewed the impact of tighter financial conditions on the outlook, particularly given that they were added to the Statement as a factor that was "likely to weigh on economic activity, hiring, and inflation".