DMU: November 27, 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:
The oil market began the week quietly, with participants focused on the upcoming OPEC meeting on Thursday. There's a contrast between views of a potential global undersupply next year and weekly DOE data indicating oversupply. The direction of non-OPEC supply in early 2024 is crucial, but short-term attention is on OPEC's decision.
In natural gas, warmer weather forecasts over the holiday weekend led to further declines in the NYMEX curve, particularly for the remaining winter season. Despite the current week being colder than normal, the loss of heating-degree days at the start of December overshadowed this. The upcoming EIA inventory report and weather forecasts will be key in determining the market's direction in the short term.
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