• 4 minutes Some Good News on Climate Change Maybe
  • 7 minutes Cuba Charges U.S. Moving Special Forces, Preparing Venezuelan Intervention
  • 12 minutes Washington Eyes Crackdown On OPEC
  • 15 minutes Solar and Wind Will Not "Save" the Climate
  • 7 mins Why Trump will win the wall fight
  • 4 hours Prospective Cause of Little Ice Age
  • 6 hours L.A. Mayor Ditches Gas Plant Plans
  • 6 hours *Happy Dance* ... U.S. Shale Oil Slowdown
  • 1 min is climate change a hoax? $2 Trillion/year worth of programs intended to be handed out by politicians and bureaucrats?
  • 7 hours students walk out of school in protest of climate change
  • 8 hours Maduro Asks OPEC For Help Against U.S. Sanctions
  • 1 day Most Wanted Man In Latin America For AP Agency: Maduro Reveals Secret Meetings With US Envoy
  • 23 hours Ford In Big Trouble: Three Recalls In North America
  • 1 hour And for the final post in this series of 3: we’ll have a look at the Decline Rates in the Permian
  • 23 hours Why Is Japan Not a Leader in Renewables?
  • 7 hours IT IS FINISHED. OPEC Victorious

Oil’s Worst Month In A Decade

Rig

November 2018 will not go down in the history of oil trading as a successful month, in fact it was so bad that the last time we witnessed such a steep decline was in 2008. The upcoming G20 meeting in Buenos Aires and OPEC+ Summit in Vienna on December 06 are mired in a haze – Russia seems disinclined to cut production (especially in the frost-bitten winter period), whilst Saudi Arabia prefers to keep a low profile about its plans, unsure whether the threat of US Congress sanctions is as formidable as it seems.

(Click to enlarge)

WTI declined more than 20 percent this week, with Friday trading oscillating in the 50-51 USD per barrel interval, whilst the global benchmark Brent fell to 58.5-59 USD per barrel. The „oil” ball is in the court of Russia and Saudi Arabia, whose top-ranking officials will meet this weekend to iron out a mutually acceptable course for the next couple of months.

1. US Commercial Stocks Unstoppable for 10th Consecutive Week

(Click to enlarge)

- Contrary to all expectations, US commercial crude stocks continued to rise for the 10th week in a row, increasing 3.6 MMbbl week-on-week to reach 450.5 MMBbl.

- A large part of the stock buildup is due to the Strategic Petroleum Reserve drawing down 2 MMbbl.

- Refinery runs have reached their highest level since September, increasing 698kbpd week-on-week to reach 17.553 Mbpd.

- The export arbitrage has allowed US producers to export…

To read the full article

Please sign up and become a premium OilPrice.com member to gain access to read the full article.

RegisterLogin



Oilprice - The No. 1 Source for Oil & Energy News