US Daily Oil Summary: Price Cap Crack Down

The US Treasury Department has placed sanctions on three UAE based companies/three vessels owned by them found in breach of the Russian oil price cap of $60/bbl. The sanctions action likely freezes any US assets of those targeted and generally bars Americans from dealing with them according to Reuters.

• Listed on the note are as follows: (1) Kazan Shipping Incorporated (registered owner of KAZAN, IMO 9258002); (2) Progress Shipping Company Limited (registered owner of LIGOVSKY PROSPECT, IMO 9256066); (3) Gallion Navigation Incorporated (registered owner of NS CENTURY, IMO 9306782).
• New York jet fuel’s premium over diesel futures has surged by 65% amid a pick-up in demand as the Thanksgiving holiday season approaches.
• USD: Despite the lower US yields on the back of softer-than-expected data, the USD index (-0.07%) trades in very moderate negative territory on the session amid mixed performance across the G10 FX space.
• Initial jobless claims increased to a seasonally adjusted 231k (cons 220k) in the week to Nov 11 - just shy of the payrolls reference week - after 218k (initial 217k), for its highest since mid-August. The four-week average lifts 7k to 220k for its highest since Sep 8, poking back above the 218k averaged in 2019.
• President Joe Biden and Chinese President Xi Jinping met yesterday on the margins on the APEC Leaders’ Summit in San Francisco. The bilateral didn’t come with any major accompanying announcements but acted as a checkpoint in a months-long diplomatic effort to dial back tensions.