| At 10:35 am Singapore time (0214 GMT), the ICE January Brent futures contract was down 30 cents/b (0.37%) from the previous close at $79.98/b, while the NYMEX December light sweet crude contract fell 68 cents/b (0.87%) at $77.68/b. Both benchmarks had shed 2.6%-3% in value overnight.
EIA week ending 11/12
Crude oil: -2.1M
Gasoline: -0.7M
Distillates: -0.8M
Refiner utilz: 87.9%
Impld mogas demand: 9.24Mbpd
At 433 million barrels, the authority said, crude oil inventories were 7 percent below the five-year average for this time of year. The reported draw compared with an unexpected build of 1 million barrels for the previous week and analyst expectations of another build, of 1.55 million barrels. In gasoline, the EIA reported an inventory decline of 700,000 barrels for the reporting period, which compared with a draw of 1.6 million barrels for the previous week. Gasoline production averaged 9.9 million bpd last week, which compared with 10.1 million bpd for the prior week. In middle distillates, the EIA estimated an inventory draw of 800,000 barrels for the seven days to November 12, with production averaging 4.8 million bpd. (Oilprice.com)
Media reports indicated the US has asked multiple countries, including China, Japan and India, to tap on their oil reserves in a bid to counter surging energy prices. While analysts have noted that such a move would be a short-term fix for rising oil prices, the news nonetheless brings back into focus inflationary pressures faced by major economies around the world. Most recently, the UK reported Nov. 17 inflation rising by 4.2% on the year last month, a 10-year high. This comes on the back of the US reporting last week inflation reaching highs not seen in three decades. COVID-19 cases also continue to be a point of concern, with several countries in Asia not seeing a let-up in caseload figures despite high vaccination numbers and some tightening lockdown restrictions further. (S&P Global Platts)
OIL MARKET ROUND-UP: (Bloomberg)
* Biden and Xi Discussed Releasing Oil From Strategic Reserves
* U.S. Seeking Coordinated Global Oil Reserves Release: Reuters
* Any Oil Reserves Release Won’t Spur Big Price Drop
* U.S. Crude Stockpiles Post Their Biggest Decline in Weeks
* Biden Asks FTC to Probe Gasoline Market, Suggesting ‘Wrongdoing’
* Europe Sends Less Gasoline to Americas Amid U.S. Supply Crunch
* The Amount of Crude Being Shipped Toward Oil Refiners Is Soaring
* Biden’s First, and Maybe Last, Gulf Oil Sale Draws Big Bids
* U.S. Gulf Coast Crude Oil Imports Rise 42%: EIA
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