Russia's oil processing has reached its highest level since early April, compensating for a recent decline due to logistical constraints. Refineries processed approximately 5.7 million barrels per day of crude from December 7-13, marking an increase of about 368,000 barrels per day from the first six days of the month. The surge was primarily driven by higher runs at Rosneft’s Tuapse refinery, according to a source. Additionally, the U.S. Energy Information Administration forecasts a rise in oil production in the Permian Basin, with output expected to reach 5.986 million barrels per day in January, up by 4,600 barrels per day from December. Conversely, oil production in the Eagle Ford region is anticipated to decrease by 1,500 barrels per day to 1.149 million barrels per day in January, while production in the Bakken region is projected to increase by 1,700 barrels per day to 1.308 million barrels per day in January. Furthermore, Russia's Deputy Prime Minister Novak stated that the oil market situation is balancing itself, as reported by Interfax. In the used car market, there has been a weak volume of sales in November, leading to price cuts at dealerships. Additionally, there has been a significant deterioration in sentiment in Q4, with both new and used car sales affected. Wholesale used vehicle prices based on the Manheim US Index increased by 0.3% in the first 15 days of December compared to November, resulting in a year-on-year decline of 6.3%. The non-seasonally adjusted price decreased by 1.1% and was down 6.8% year-on-year.
Wholesale used vehicle prices (mix, mileage & seasonally adj) based on @Manheim_US Index increased 0.3% in first 15 days of December compared to full month of November leaving Index down 6.3% y/y. NSA price down 1.1% and down 6.8% y/y. https://t.co/Tt0RVbz0FJ https://t.co/q5pNUzbIFf
🔴 RUSSIA’S DEPUTY PM NOVAK: THE OIL MARKET SITUATION IS BALANCING ITSELF - INTERFAX.
Big Deterioration in Sentiment in Q4... New and Used generally track... and the Quarter is NOT over... $CVNA $CACC https://t.co/XI3DIThOId
Used Car Sales VOLUME Weak in Nov... Metal not moving at Used Car Dealerships... Price cuts coming! $CVNA $KMX $CACC https://t.co/5UQbBYz5Ou
🔴 EIA: US PERMIAN OIL OUTPUT DUE TO RISE IN JANUARY TO ITS HIGHEST ON RECORD.
🔴 U.S. PERMIAN BASIN OIL PRODUCTION FOR JANUARY SEEN UP 4,600 BPD AT 5.986 MLN BPD (VS 5,200 BPD RISE IN DECEMBER) - EIA PROJECTION.
🔴 US EAGLE FORD OIL PRODUCTION FOR JANUARY SEEN DOWN 1,500 BPD AT 1.149 MLN BPD (VS 3,000 BPD FALL IN DECEMBER) - EIA.
🔴 US BAKKEN OIL PRODUCTION FOR JANUARY SEEN UP 1,700 BPD AT 1.308 MLN BPD (VS 1,100 BPD RISE IN DECEMBER) - EIA RIG PRODUCTIVITY REPORT.
🔴 US EIA FORECASTS NEW WELL OIL PRODUCTION PER RIG AT: 1,838 BPD FOR BAKKEN (VS 1,818 BPD MONTH AGO); 1,332 BPD FOR PERMIAN (VS 1,319 BPD MONTH AGO); 1,629 BPD FOR EAGLE FORD (VS 1,590 BPD MONTH AGO).
#Russia's refineries processed ~5.7m b/d of crude from Dec. 7-13, up ~368k b/d from the first six days of the month. The weekly spike was mainly driven by higher runs at Rosneft’s Tuapse refinery, according to a person with knowledge of the matter. https://t.co/lWxkZMWj09
Russia’s oil processing climbs to the highest since early April, making up for a recent decline caused by logistical constraints https://t.co/V7NIZT3aCO
Russia’s oil processing climbs to the highest since early April, making up for a recent decline caused by logistical constraints https://t.co/XJEPXAi94H