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What to Watch: OPEC, US Gas & EU Oil Product Stocks

ENERGY
  • An OPEC internal meeting (non production policy) is due to take place at 10:00 GMT followed by the virtual OPEC JMMC meeting scheduled for 13:00 GMT and the OPEC+ ministerial meeting at 14:00 GMT.
  • The EIA weekly gas inventories for the week to Nov 24 will be released this afternoon at 10:30 ET (15:30 GMT). The expectation for a draw of -5bcf according to a Bloomberg survey compared to the seasonal normal draw of -41bcf and the draw of -7bcf seen last week.
  • The updated Insights Global European ARA product inventories will be released today. Gasoil stocks were still below normal despite a gain last week to 1.845m mt compared to the five year average of 2.09m mt. ARA Gasoline stocks were last week above normal at 1.203m mt despite a drop on the week compared to the average of 1.02m mt for this time of year.

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