| At 10:25 am Singapore time (0225 GMT), the ICE January Brent futures contract was up 4 cents/b (0.05%) from the previous close at $82.29/b, while the NYMEX January light sweet crude contract was 3 cents/b (0.04%) lower at $78.36/b.
EIA Report
Crude: 1,017
Cushing: 0,787
Distillate: -1,968
Gasoline: -0,603
Production: 100
Total US commercial crude stocks rose 1.02 million barrels to 434.02 million barrels in the week to Nov. 19, the US Energy Information Administration said Nov. 24, leaving stockpiles around 7.2% behind the five-year average for this time of year. US gasoline stocks fell 600,000 barrels to 211.39 million barrels, falling 5.2% behind the five-year average, while total distillate stocks fell 1.97 million barrels to 121.72 million barrels, the EIA data showed. (S&P Global Platts)
Demand was seen higher in the US across all major refined products, with both gasoline and distillate consumption rising around 1% on the week to 9.33 million b/d and 4.39 million b/d, respectively. Investors will likely remain bullish on crude oil in the near term after announcements of strategic petroleum reserve releases by major oil-consuming countries fell far short of expectations, sending oil prices shooting higher by more than 3%. Colder weather in several parts of Asia will also keep a floor under energy prices, analysts said. (S&P Global Platts)
The United Arab Emirates is fully committed to the OPEC+ agreement and has no “prior stance” ahead of an upcoming meeting on Dec. 2, state news agency WAM reported on Thursday. (Reuters)
OIL MARKET ROUND-UP: (Bloomberg)
* High Gasoline Prices Endure at Pump Even as Crude Oil Declines
* Shale Drillers Aren’t Heeding Biden’s Call for More Oil Supply
* Oil Traders Pile Into $70-a-Barrel Longer-Term Crude Price
* IEA Urges OPEC+ to Relieve ‘Artificial’ Oil-Market Tightness
* DOE Releases Details on Strategic Oil Reserve Exchange Program
* Gasoline Stockpiles Slip as Refineries Lag Demand: EIA Takeaways
* Iraq Oil Minister Says Working to Stabilize Energy Market
* EIA: Crude +1,017k Bbl, Median Est. -1,800k Bbl
|
