DMU: December 12, 2023
Analysis of the latest trends in oil and natural gas markets, including OPEC+ decisions, macroeconomic factors, geopolitical influences, and EIA inventory data.
On Today’s Daily Market Update:
Crude and product markets faced significant challenges today, largely due to the resumption of Russian Black Sea oil flows and a lack of positive market catalysts. The downturn was led by products, despite notable declines in WTI prices. Weekly API statistics contributed to the bearish sentiment.
WTI contracts experienced persistent downward pressure throughout the day.
Market attention now turns to upcoming DOE stats, focusing on import/export dynamics and refinery runs in relation to product stocks. The domestic product market, especially concerning distillate and gasoline inventories, remains a critical area of concern.
In the natural gas sector, the NYMEX market continued its downward trend, influenced by reduced winter premium expectations and varied historical temperature patterns. The Jan contract and longer-dated tenors showed significant declines, reflecting market uncertainty and above-normal temperature forecasts for the lower 48 states, Europe, and Asia.
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