US Daily Oil Summary: West Coast Product Exports at One-Year High

US West Coast clean product exports to Latin America rose to 166k b/d in October, the highest level in almost one year, Kpler data showed, as transit restrictions at the Panama Canal have given exports from the origin a freight advantage.

• The Panama Canal Authority limited daily slots to reduce traffic amid low water levels.
• WTI prompt time spreads briefly flipped into contango amid a bearish prompt and expectations of building cushing stocks. Spreads have since returned to a very slim contango.
• Trading houses are using little known middlemen to facilitate access to Venezuela’s oil, according to Reuters.
• USD: The quick flurry higher for the greenback fully reverses as the dust settles post-auction and major pairs return to the middle of what has been contained ranges on Thursday. The lack of tier-one economic data and a more stable backdrop for oil prices has kept G10 FX a sidenote, with the USD index once again holding close to unchanged on the session.
• Initial claims were close to expectations with a seasonally adjusted 217k (cons 218k) in the week to Nov 4 after another slightly upward revised 220k (initial 217k).
• The four-week average increased 1k to 212k, still slowly increasing from the 206k in mid-October which marked the lowest since Feb. The 2019 average for initial claims was 218k.
• ISRAEL: White House-Israel Agrees To 4Hr Humanitarian Pauses A Day In N Gaza: Wires reporting comments from White House National Security Council coordinator John Kirby states that "Israel will being to implement four hour pauses in northern Gaza each day....We've been told by the Israelis that there will be no military operations in these areas over the duration of the pause, and that this process is starting today." Kirby states that "We believe these pauses are step in right direction."