Crude has oscillated between gains and losses today but is closing the day trading higher. Demand remains the key focus amid OPEC’s further reduction growth forecast. Meanwhile, soft China economic data and continued strength in the US dollar also weigh on prices.
- WTI DEC 24 up 0.2% at 68.21$/bbl
- OPEC cut its oil demand growth forecast for a fourth consecutive month. It expects demand to grow by 1.82mn bpd this year and 1.54mn bpd next year, down from 1.93mn bpd and 1.64mn bpd respectively.
- OPEC expects demand growth of 1.82m b/d this year and 1.54m b/d in 2025, revised down from 1.93m b/d and 1.64m b/d respectively.
- US crude oil inventories are expected to have risen by 0.1m bbl in the week to Nov. 8 according to a Reuters survey.
- U.S. crude exports to China showed a recovery in recent months after hitting a multi-year low in August according to Kpler when imports were dented by sluggish fuel demand and weak margins.
- Canada exports most of its crude to the US but does not expect the Trump administration to include tariffs on these imports, Reuters said.
- Russia's crude production was at 9.010m b/d in October vs 9.0m b/d in September, 42kbpd above its OPEC+ quota.
- Russia’s weekly seaborne crude shipments rebounded up by 260kb/d in the week to Nov. 10, according to Bloomberg.
- oil exports from Russia’s Black Sea port of Novorossiysk are set to decline to 1.89m mt, or 460k b/d, in November, sources told Reuters.
- Kazakh KEBCO was sold in the Platts MOC for the first time Nov. 12.
- Exxon CEO sees strong oil supply impacting prices instead of demand, according to Bloomberg.
