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Crude Oil Drifts Lower as Market Waits for OPEC+ Response to Reserve Release

By Geoffrey Smith AiVIF.com -- Crude oil prices edged lower in depressed trade on Thursday as the market used the U.S. Thanksgiving Day holiday to take a breather ahead of...
Crude Oil Drifts Lower as Market Waits for OPEC+ Response to Reserve Release © Reuters.

By Geoffrey Smith

AiVIF.com -- Crude oil prices edged lower in depressed trade on Thursday as the market used the U.S. Thanksgiving Day holiday to take a breather ahead of next week’s key OPEC+ meeting.

By 5:10 AM ET (1010 GMT), U.S. crude futures were down 0.7% at $77.86 a barrel, while Brent crude, the international benchmark, was down 0.6% at $81.79 a barrel.   

The OPEC+ group, which brings together the world’s largest exporters, is due to meet in a week’s time, on December 2nd, under pressure to respond to a coordinated signal from the world’s biggest buyers that prices are too high.

Speculation on a joint release of reserves had pushed prices to a seven-week low before Tuesday's announcement, and while prices have leaped by more than $2 since then, they're still some 8% off their October highs.

So far, the group hasn’t indicated any shift in its output policy, but the Organization of Petroleum Exporting Countries, which had already warned of the global market tipping back into surplus early next year, noted on Thursday that the planned release of strategic reserves by the U.S. and others would equate to a global supply increase of around 1 million barrels a day.

OPEC+ has pledged to restore the output it cut at the start of the pandemic in monthly increments of 400,000 barrels a day. In recent months, it has struggled to meet that commitment due to production difficulties in members such as Nigeria and Angola. Some now see that pledge as subject to review.

“The alliance…may opt to reduce future production hikes when they meet,” said Saxo Bank strategist Ole Hansen in a morning note to clients.

The U.S. intends to hold regular auctions of barrels from its Strategic Petroleum Reserve between January and April.

“The total stock release numbers could exceed 60-70 million barrels based on what we know now, which warrants attention on the drawdown rate of such a release,” said Rystad Energy oil market analyst Bjornar Tonhaugen in e-mailed comments.

There was only a modest reaction on Wednesday to weekly data from the U.S. government showing a 1 million barrel increase in commercial crude stocks last week, not least because inventories of gasoline and other fuels continue to fall, suggesting that final demand from airlines, drivers and chemicals companies is still robust.

Airlines in particular have increased available capacity to deal with pent-up demand on transatlantic routes, after the lifting of restrictions on visitors from the U.K. and EU allowed Americans in Europe to return home for Thanksgiving for the first time in two years.

Elsewhere, U.S. gasoline RBOB futures were likewise down 0.7% at $2.3035 a gallon.  The U.S. government acknowledged that retail prices this Thanksgiving would be their highest in nine years.

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04-12-2021 04:48:01 (UTC+7)

EUR/USD

1.1316

+0.0017 (+0.15%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (6)

Sell (1)

EUR/USD

1.1316

+0.0017 (+0.15%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (6)

Sell (1)

GBP/USD

1.3239

-0.0067 (-0.51%)

Summary

↑ Buy

Moving Avg:

Buy (11)

Sell (1)

Indicators:

Buy (6)

Sell (2)

USD/JPY

112.82

-0.34 (-0.30%)

Summary

Sell

Moving Avg:

Buy (6)

Sell (6)

Indicators:

Buy (2)

Sell (7)

AUD/USD

0.6998

-0.0095 (-1.34%)

Summary

↑ Sell

Moving Avg:

Buy (1)

Sell (11)

Indicators:

Buy (2)

Sell (4)

USD/CAD

1.2846

+0.0038 (+0.30%)

Summary

Neutral

Moving Avg:

Buy (8)

Sell (4)

Indicators:

Buy (2)

Sell (4)

EUR/JPY

127.66

-0.19 (-0.15%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (7)

Sell (2)

EUR/CHF

1.0385

-0.0012 (-0.12%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (4)

Sell (3)

Gold Futures

1,784.15

+21.45 (+1.22%)

Summary

↑ Sell

Moving Avg:

Buy (1)

Sell (11)

Indicators:

Buy (2)

Sell (6)

Silver Futures

22.562

+0.246 (+1.10%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (10)

Sell (0)

Copper Futures

4.2725

-0.0265 (-0.62%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (3)

Sell (7)

Crude Oil WTI Futures

66.27

-0.23 (-0.35%)

Summary

↑ Sell

Moving Avg:

Buy (2)

Sell (10)

Indicators:

Buy (1)

Sell (6)

Brent Oil Futures

69.91

+0.24 (+0.34%)

Summary

↑ Sell

Moving Avg:

Buy (3)

Sell (9)

Indicators:

Buy (0)

Sell (7)

Natural Gas Futures

4.095

+0.039 (+0.96%)

Summary

Sell

Moving Avg:

Buy (4)

Sell (8)

Indicators:

Buy (3)

Sell (4)

US Coffee C Futures

242.40

+5.80 (+2.45%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (1)

Sell (6)

Euro Stoxx 50

4,080.15

-27.87 (-0.68%)

Summary

↑ Buy

Moving Avg:

Buy (10)

Sell (2)

Indicators:

Buy (7)

Sell (0)

S&P 500

4,538.43

-38.67 (-0.84%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (7)

Sell (0)

DAX

15,169.98

-93.13 (-0.61%)

Summary

↑ Buy

Moving Avg:

Buy (9)

Sell (3)

Indicators:

Buy (7)

Sell (0)

FTSE 100

7,122.32

-6.89 (-0.10%)

Summary

↑ Buy

Moving Avg:

Buy (8)

Sell (4)

Indicators:

Buy (9)

Sell (0)

Hang Seng

23,766.69

-22.24 (-0.09%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (5)

Sell (0)

US Small Cap 2000

2,150.30

-56.04 (-2.54%)

Summary

Neutral

Moving Avg:

Buy (1)

Sell (11)

Indicators:

Buy (5)

Sell (4)

IBEX 35

8,241.70

-59.10 (-0.71%)

Summary

↑ Buy

Moving Avg:

Buy (9)

Sell (3)

Indicators:

Buy (8)

Sell (0)

BASF SE NA O.N.

58.240

-0.930 (-1.57%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (0)

Sell (10)

Bayer AG NA

44.20

-0.78 (-1.73%)

Summary

Sell

Moving Avg:

Buy (4)

Sell (8)

Indicators:

Buy (2)

Sell (4)

Allianz SE VNA O.N.

197.02

-0.36 (-0.18%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (0)

Sell (9)

Adidas AG

247.82

-7.43 (-2.91%)

Summary

Neutral

Moving Avg:

Buy (2)

Sell (10)

Indicators:

Buy (5)

Sell (2)

Deutsche Lufthansa AG

5.687

+0.062 (+1.10%)

Summary

Sell

Moving Avg:

Buy (2)

Sell (10)

Indicators:

Buy (3)

Sell (4)

Siemens AG Class N

146.30

-1.41 (-0.95%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (1)

Sell (5)

Deutsche Bank AG

10.740

-0.210 (-1.92%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (1)

Sell (9)

 EUR/USD1.1316↑ Buy
 GBP/USD1.3239↑ Buy
 USD/JPY112.82Sell
 AUD/USD0.6998↑ Sell
 USD/CAD1.2846Neutral
 EUR/JPY127.66↑ Buy
 EUR/CHF1.0385↑ Buy
 Gold1,784.15↑ Sell
 Silver22.562↑ Buy
 Copper4.2725↑ Sell
 Crude Oil WTI66.27↑ Sell
 Brent Oil69.91↑ Sell
 Natural Gas4.095Sell
 US Coffee C242.40↑ Sell
 Euro Stoxx 504,080.15↑ Buy
 S&P 5004,538.43↑ Buy
 DAX15,169.98↑ Buy
 FTSE 1007,122.32↑ Buy
 Hang Seng23,766.69↑ Buy
 Small Cap 20002,150.30Neutral
 IBEX 358,241.70↑ Buy
 BASF58.240↑ Sell
 Bayer44.20Sell
 Allianz197.02↑ Sell
 Adidas247.82Neutral
 Lufthansa5.687Sell
 Siemens AG146.30↑ Sell
 Deutsche Bank AG10.740↑ Sell
Mua/Bán 1 chỉ SJC
# So hôm qua # Chênh TG
SJC Eximbank6,020/ 6,070
(0/ 0) # 1,177
SJC HCM6,040/ 6,110
(25/ 25) # 1,182
SJC Hanoi6,040/ 6,112
(25/ 25) # 1,184
SJC Danang6,040/ 6,112
(25/ 25) # 1,184
SJC Nhatrang6,040/ 6,112
(25/ 25) # 1,184
SJC Cantho6,040/ 6,112
(25/ 25) # 1,184
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