Brent Surges Past $80 as OPEC+ Meeting Approaches

Michael Kern

Michael Kern

Michael Kern is a newswriter and editor at Safehaven.com and Oilprice.com,

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By Michael Kern – Nov 28, 2023, 10:00 AM CST

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Brent climbed up back above $80 on Tuesday as storms interfered with oil and item exports from Russia’s Novorossiysk port, however it is U.S. stocks and the upcoming OPEC+ conference that will drive oil cost motions today.

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Chart of the Week

Travel

– This year’s Thanksgiving has actually taped the busiest air traffic day ever according to the United States Transportation Security Administration, with more than 2.9 million individuals taking a trip through the nation’s airports.

– Returning jet fuel need has actually been a trademark of this year’s petroleum need, with India just recently reporting the greatest kerosene intake figures because March 2020 at 177,000 b/d.

– Jet fuel has actually been the most large item classification to grow this year, including more than 900,000 b/d year-on-year to strike the greatest post-pandemic yearly reading of 6.2 million b/d, mainly improved by greater Asian air travel activity.

– Consequently, jet fuel rates in Asia increased to their greatest considering that early 2019 versus peer item diesel, with swaps trading at a premium of 85 cents per barrel, in spite of arbitrage being directly open up to both Europe and the United States.

Market Movers

– Brazil’s nationwide oil company Petrobras (NYSE: PBR) has provided its 2024-2028 tactical strategy, vowing to invest $102 billion over that duration and broaden into the eco-friendly and fertilizer markets.

– UK energy significant BP (NYSE: BP) has actually gotten federal government approval to go into Japan’s electrical energy market with its BPEJ subsidiary, considering renewable resource and power market financial investments.

– Canada’s leading oil manufacturer Suncor Energy (TSE: SU) has actually rebooted production at its Atlantic coast Terra Nova oil field after finishing a life extension job till a minimum of 2031.

Tuesday, November 28, 2023

The post ponement of recently’s OPEC+ conference put down pressure on oil costs, however storms obstructing Russian export terminals have actually included some rates upside as Kazakhstan’s oil manufacturers are thinking about production cuts to prevent tank overfilling. With ICE Brent now back above $80 per barrel, United States stock information and the OPEC+ conference will form cost advancements in the 2nd half of this week.

OPEC Clashes with the IEA. OPEC Secretary General Haitham al Ghais implicated the International Energy Agency of damning the oil and gas market, including that the IEA soft-pedals problems such as energy security and price, requiring a “hazardous” phase-down in energy financial investment.

Tanker Distress Now Moves to the Gulf of Aden. The United States military avoided a business vessel in the Gulf of Aden from being taken by armed people, with the Central Park chemical tanker being most likely targeted due to it being handled by a business owned by Israel’s Ofer household.

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