US Daily Oil Summary: Market Awaits Decision on Venezuela Sanctions

Reuters reported earlier today that according to unnamed source the gov't of Venezuelan President Nicolas Maduro, "may allow appeals from opposition politicians seeking to remove bans barring them from public posts to progress in court, as a way to partially comply with U.S. demands ahead of a deadline tied to loosened sanctions."

• This comes in the wake of the partial rollback of sanctions on the Venezuelan hydrocarbons sector and the lifting of a ban on bond trading as part of an October deal regarding the 2024 Venezuelan elections.
• US average retail gasoline prices dropped to $3.088/gal in the week to Nov. 24, down 1.8% on the week, according to Bloomberg.
• Chevron’s Richmond refinery in California is back online Nov. 28, following an unplanned power outage, according to OPIS.
• USD: Dovish Fed commentary raised market pricing for rate cuts across 2024, prompting a pullback in both front-end Tsy yields and the USD Index - which briefly printed the lowest level since mid-August. A moderate recovery following the 7-yr auction still sees the DXY down 0.3% on the session.
• (MNI) WASHINGTON - Federal Reserve Governor Miki Bowman remains willing to support raising the federal funds rate at a future meeting should data indicate progress on inflation has stalled or is insufficient to bring inflation down to 2% in a timely way.
• (MNI) WASHINGTON - The Federal Reserve has made significant progress in its fight against inflation as the economy’s blockbuster growth appears to moderate, though it’s still too soon to say whether policymakers have done enough, Fed Governor Chris Waller said Tuesday.