Oil steadies near Nov lows

MG News | November 13, 2024 at 03:19 PM GMT+05:00
November 13, 2024 (MLN): Oil steadied near its lowest level this month, with the outlook for demand in focus after OPEC cut projections on China’s slowdown.
Brent crude traded near $72.41 a barrel, up by 0.72% on the day.
While West Texas Intermediate crude (WTI) was at $68.65 per barrel.
OPEC shaved demand-growth forecasts for a fourth consecutive month, yet the cartel remains more bullish than other market watchers, with many analysts warning of a glut next year, Bloomberg reported.
Crude has traded in a tight range since the middle of last month, with traders tracking trends in Chinese consumption, Middle East tensions, and the implications of Donald Trump’s re-election to the Oval Office.
After the monthly report from OPEC, the US will issue its short-term outlook later Wednesday, followed by the International Energy Agency’s view on Thursday.
“The absence of a more direct fiscal stimulus out of China has been casting a shadow on the oil demand outlook, coupled with the prospect of higher US oil production with a Trump presidency,” said Yeap Jun Rong, a market strategist with IG Asia Pte. In addition, OPEC+ plans to raise output, he said.
Reflecting the bearish outlook, timespreads have weakened. While they remain in a bullish backwardated structure — with nearby contracts above longer-dated ones — the gap has narrowed.
Among the most notable is WTI’s prompt spread, which hit the lowest since February earlier this week.
“The oil market appears to be heading for a sizeable surplus in 2025, driven by a combination of decelerating oil demand growth, still-robust non-OPEC supply growth, and OPEC’s ambition to start growing supply,”
Morgan Stanley analysts including Martijn Rats said in a report. The bank cut Brent forecasts, with the first-quarter 2025 outlook reduced $5.50 to $72 a barrel.
Copyright Mettis Link News
Related News
Name | Price/Vol | %Chg/NChg |
---|---|---|
KSE100 | 134,299.77 290.06M |
0.39% 517.42 |
ALLSHR | 84,018.16 764.12M |
0.48% 402.35 |
KSE30 | 40,814.29 132.59M |
0.33% 132.52 |
KMI30 | 192,589.16 116.24M |
0.49% 948.28 |
KMIALLSHR | 56,072.25 387.69M |
0.32% 180.74 |
BKTi | 36,971.75 19.46M |
-0.05% -16.94 |
OGTi | 28,240.28 6.19M |
0.21% 58.78 |
Symbol | Bid/Ask | High/Low |
---|
Name | Last | High/Low | Chg/%Chg |
---|---|---|---|
BITCOIN FUTURES | 118,140.00 | 119,450.00 115,635.00 |
4270.00 3.75% |
BRENT CRUDE | 70.63 | 70.71 68.55 |
1.99 2.90% |
RICHARDS BAY COAL MONTHLY | 97.50 | 0.00 0.00 |
1.10 1.14% |
ROTTERDAM COAL MONTHLY | 108.75 | 108.75 108.75 |
0.40 0.37% |
USD RBD PALM OLEIN | 998.50 | 998.50 998.50 |
0.00 0.00% |
CRUDE OIL - WTI | 68.75 | 68.77 66.50 |
2.18 3.27% |
SUGAR #11 WORLD | 16.56 | 16.60 16.20 |
0.30 1.85% |
Chart of the Day
Latest News
Top 5 things to watch in this week
Pakistan Stock Movers
Name | Last | Chg/%Chg |
---|
Name | Last | Chg/%Chg |
---|