Oil prices came under pressure Tuesday morning as pipeline flows from Canada to the US are set to resume later in the day, while OPEC ministers maintain that the continuation of the production agreement is not confirmed yet and that market participants should wait for the details of the meeting before starting to draw conclusions. Brent crude had lost 0.63% by 9.06 AM GMT, to trade at $63.44/bbl, while WTI had come under more pressure losing 0.88%, to stand at $57.6/bbl.
A recent Reuters poll found that oil stocks were likely down by 3.15 million bbls last week in the US. The drop, if confirmed, would be the second on a row, following a drop of 1.86 million bbls the week prior. The poll also found that gasoline stocks likely climbed by 1.17 million bbls, to reach 211.65 million bbls. Conversely, distillates were seen down by 125,000 bbls.
Refinery runs are expected to have increased for the sixth week on a row as utilisation is seen touching 91.9%, a 0.6% gain week-on-week.
Thomson Reuters Oil Research have assessed US crude seaborne imports at 5.88 million bpd, for the week ending November 24th, a 20% increase from the week prior. European seaborn imports rose to 11.32 million bpd, from 10.02 million bpd previously, a 13% increase week-on-week, as arrivals in the Mediterranean soared by 50% week-on-week, offsetting NWE declines. Middle Eastern tanker departures from the Gulf totaled at 18.1 million bpd last week, a 715,000 bpd decline from the week prior, largely on the back of lower departures from Iraq and the UAE.
The Oil Research Team
Supply Chain & Commodities Research