The price of crude oil has dropped to a five-month low, with U.S. crude falling below $70 per barrel. Since its high on September 28th, oil prices have plummeted by approximately 27%. OPEC+ has implemented production cuts, but the market is still experiencing oversupply fears. Gasoline prices have also decreased, with the national average at $3.25 per gallon, the lowest in 11 months. The market is responding to increased U.S. supply rather than weaker growth, and Saudi Arabia is losing market share to the U.S. and Iran. Citigroup suggests that OPEC+ will need to maintain production cuts throughout next year to balance the market. However, concerns about OPEC's ability to remain cohesive and implement these cuts are being factored into the market. The perception of growing U.S. oil production and OECD demand weakness are contributing to the need for increased production cuts by OPEC+ in 2024.
OPEC blames 'exaggerated' demand concerns for oil price drop https://t.co/F8DMqX9TNO https://t.co/CH7n4aQ2Sl
Oil prices stable around six-month lows - Reuters https://t.co/lxRfx5thEV
π΄ US API CRUDE OIL STOCK CHANGE ACTUAL -2.349M (FORECAST -1.5M, PREVIOUS 0.594M) $MACRO
πΊπΈ United States API Weekly Crude Oil Stock $USD Actual: -2.349M π΄ Expected: -1.500M Previous: 0.594M
β οΈ JUST IN: *U.S. OIL PRICES FALL ALMOST 4% TO END AT LOWEST LEVEL SINCE JUNE 28 AMID OVERSUPPLY FEARS $CL_F #OOTT https://t.co/gaPeN4QhEy
Gas prices in the U.S. have fallen to the cheapest level of the year just as consumers prepare for the busy holiday shopping and travel season. https://t.co/PyqdYqywc2
π΄ BRENT CRUDE FUTURES SETTLE AT $73.24/BBL, DOWN $2.79, 3.67%.
π΄ NYMEX DIESEL JANUARY FUTURES SETTLE AT $2.5074 A GALLON.
π΄ NYMEX GASOLINE JANUARY FUTURES SETTLE AT $1.9797 A GALLON.
π΄ NYMEX WTI CRUDE JANUARY FUTURES SETTLE AT $68.61 A BARREL, DOWN $2.71, 3.8%.
Gas Prices Are Falling, Hitting Their Lowest Level in Almost a Year https://t.co/sXpcx36HmV
π’οΈ OIL FUTURES EXTEND LOSSES, BRENT AND U.S. CRUDE DOWN BY $1 A BARREL #oott
The perception of US oil production growing is causing market participants to wonder how long the Saudis can keep cutting. But OECD demand weakness is the primary reason why OPEC+ needs to increase production cut going into 2024. https://t.co/0e3462CBGf
π΄ BRENT CRUDE FUTURES SETTLE AT $76.03/BBL, UP 19 CENTS, 0.25%.
π΄ NYMEX WTI CRUDE JANUARY FUTURES SETTLE AT $71.32 A BARREL, UP 9 CENTS, 0.13%.
π΄ NYMEX GASOLINE JANUARY FUTURES SETTLE AT $2.0431 A GALLON.
π΄ NYMEX DIESEL JANUARY FUTURES SETTLE AT $2.6087 A GALLON.
OPEC+ oil output cut may be too brief as physical market weakens https://t.co/5rKth8AZKF https://t.co/z6vQFGti4j
OPEC+ will need to maintain its latest supply cuts throughout next year in order to keep global oil markets in balance, according to Citigroup https://t.co/aZHuPxZFyf
OPEC+ will need to maintain its latest supply cuts throughout next year in order to keep global oil markets in balance, according to Citigroup https://t.co/UnWizGKcYV
OPEC+ will need to maintain its latest supply cuts throughout next year in order to keep global oil markets in balance, according to Citigroup https://t.co/07ThsFbNyF
π΄ CITI: OPEC+ WILL NEED TO MAINTAIN CUTS NEXT YEAR TO BALANCE MARKET.
How OPEC+ saw its hold on global oil markets fray despite extra production cuts https://t.co/u4HrhNc2Ru via @business
π΄ BRENT CRUDE FUTURES SETTLE AT $75.84/BBL, UP $1.79, 2.42%.
π΄ NYMEX WTI CRUDE JANUARY FUTURES SETTLE AT $71.23 A BARREL, UP $1.89, 2.73%.
π΄ NYMEX GASOLINE JANUARY FUTURES SETTLE AT $2.0498 A GALLON.
π΄ NYMEX DIESEL JANUARY FUTURES SETTLE AT $2.5810 A GALLON.
Oil Consumers Pounce on Futures Slump to Lock in Cheaper Barrels Brent $85-$110 call spreads traded actively for next year A flurry of call spreads traded in Brent crude, with one one of the most actively purchased ones involving buying $85 and selling $110 calls for June andβ¦
OPEC and Saudi Arabia are losing their grip on the oil market as prices see the longest fall in 5 years https://t.co/TO7bSwRm38
π’οΈ OIL PRICES EXTEND GAINS, WTI CRUDE FUTURES RISE BY $2 TO SESSION HIGH OF $71.37 A BARREL #oott
π΄ BRENT CRUDE FUTURES SETTLE AT $74.05/BBL, DOWN 25 CENTS, 0.34%.
π΄ NYMEX WTI CRUDE JANUARY FUTURES SETTLE AT $69.34 A BARREL, DOWN 4 CENTS, 0.06%
π΄ NYMEX GASOLINE JANUARY FUTURES SETTLE AT $2.0012 A GALLON
π΄ NYMEX DIESEL JANUARY FUTURES SETTLE AT $2.5492 A GALLON.
Brent oil on 30th November: $84.50 Brent oil now: $73.70 12.78% down in a week. China economic slowdown β OPEC+ output cuts β US ramping up production β Saudi Arabia going for an "oil market share" war ??
Falling oil prices are feeding into a Goldilocks narrative, since they stem from more US supply, not weaker growth. US gas prices are the lowest in about a year even amid record demand. Saudi is losing market share to the US & Iran as it cuts: Paul Sankey https://t.co/FxfHKh1ywe https://t.co/CCbr0PNpXl
Oil prices regain ground after falling to six-month lows https://t.co/gAlqNcc7Nu https://t.co/YdZYpjnpdk
Oil prices fall to their lowest in more than five months. βThe market is starting to price in the possibility that OPEC may no longer remain cohesive and does not implement these cuts.β https://t.co/Z7COypfwSW https://t.co/2YJFt0xti9
Oil Drops Below $70 a Barrel. Gasoline Prices Also Down. https://t.co/jd6Pyzv3Sf
β οΈBREAKING: *U.S. CRUDE OIL PRICES TUMBLE BELOW $70 PER BARREL, CLOSING AT THE LOWEST LEVEL SINCE JUNE $CL_F #OOTT https://t.co/Px5ptRVxfc
πΊπΈ CRUDE OIL FALLS BELOW $70 A BARREL, CLOSING AT THE LOWEST LEVEL SINCE JUNE - CNBC
π΄ BRENT CRUDE FUTURES SETTLE AT $74.30/BBL, DOWN $2.90, 3.76%.
π΄ NYMEX WTI CRUDE JANUARY FUTURES SETTLE AT $69.38 A BARREL.
π΄ NYMEX GASOLINE JANUARY FUTURES SETTLE AT $2.0302 A GALLON.
π΄ NYMEX DIESEL JANUARY FUTURES SETTLE AT $2.5762 A GALLON.
Oil slumps to lowest in five months despite Opec+ production cuts https://t.co/GbC4xiOzCO
BREAKING: Crude oil trading at a five-month low, now at $69.
π’οΈ US CRUDE FUTURES EXTEND LOSSES, FALL BY MORE THAN $3 TO SESSION LOW OF $69.31/BBL #oott
U.S. crude drops below $70 per barrel, gas prices fall to 11-month low https://t.co/9TVrBK6mGt
BREAKING: Crude oil prices drop below $70/barrel for the first time since July 2023. Since the September 28th high, oil prices are now down ~27%. Meanwhile, the national average gas price is down for 10-straight weeks to $3.25/gallon. Even as OPEC+ agreed to additional supply⦠https://t.co/cTXHRq0K7r
This oil market is so nuts. Spec near record low. OPEC+ effective cut at least ~1.5 million b/d. Demand not great, but not horrendous. It is what it is I suppose.
Crude oil is rapidly approaching a 6-handle as it's currently at $70.19. That leaves it down 25% since its 9/28 high. Crude is also now down 12.5% YTD. #oil #oilprices #gasprices #consumer https://t.co/dilbeux8EO