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☆ Oil tanker hit by missile after transiting Red Sea — Houthis claim responsibility
▼ + stars: | 2024-01-26 | by ( Spencer Kimball | ) www.cnbc.com time to read: +2 min

Children walk near a billboard bearing the image of targeting ships, on the day Yemen's Houthi-run forces targeted an American ship in the Red Sea, on a street in Sana'a, Yemen, on Jan. 10, 2024. An oil tanker operated on behalf of Trafigura was struck by a missile on Friday after transiting the Red Sea, a company spokesperson told CNBC in statement. The Marlin Luanda, a petroleum products tanker vessel, was struck by the missile in the Gulf of Aden. Houthi militants in Yemen have attacked commercial vessels transiting the Red Sea since November in support of Palestinians. Several of the world's major oil tanker companies paused traffic toward the Red Sea immediately after the U.S. and Britain began launching airstrikes against the Houthis earlier this month.

Persons: Trafigura, Houthi, Yahya Saree, Carney, Brent, Robert Thummel, Thummel, WTI Organizations: CNBC, U.S . Navy, U.S . Central Command, Britain, West Texas Intermediate, U.S, Tortoise Capital Locations: American, Red, Sana'a, Yemen, Gulf, Aden, Marshall, U.S, Iran

☆ Oil poised for weekly gain as U.S. economic growth, China stimulus raise demand hopes
▼ + stars: | 2024-01-26 | by ( Spencer Kimball | ) www.cnbc.com time to read: +1 min

Oil prices are on pace for a weekly gain as U.S. economic growth and stimulus in China raise hopes for more robust crude demand this year. U.S. crude and the global benchmark, however, are poised to post a weekly gain of more than 4%. The U.S. reported stronger-than-expected economic growth in the fourth quarter of 3.3%, compared to 2% expected by Wall Street. China, meanwhile, is loosening reserve requirements for its bank in an effort to boost growth amid concerns that its economy is faltering. The potential for more robust demand comes as crude supply fell in the U.S. due to winter storms.

Persons: Brent, Robert Thummel Organizations: West Texas Intermediate, U.S, Wall, Tortoise, CNBC, Energy Information Agency Locations: China, Wall Street, U.S

☆ Oil extends losses as economic headwinds weigh on demand outlook
▼ + stars: | 2024-01-22 | by ( ) www.cnbc.com time to read: +2 min

Oil prices fell for a second day on Monday as economic headwinds pressured the global oil demand outlook and outweighed geopolitical concerns in the Middle East and an attack on a Russian fuel export terminal over the weekend. Brent crude fell 41 cents, or 0.5%, to $78.15 a barrel by 0105 GMT after settling down 54 cents on Friday. "This morning's subdued re-open speaks volumes about current sentiment in the crude oil market despite ongoing geopolitical tensions in Europe and the Middle East," IG analyst Tony Sycamore said. Russian producer Novatek aid on Sunday it had been forced to suspend some operations at the Baltic Sea terminal because of a fire. In the Middle East, the Gaza war rages on while the U.S. struck another anti-ship missile preparing to launch into the Gulf of Aden by Yemen's Houthi militants on Saturday.

Persons: headwinds, Brent, Tony Sycamore, Yemen's, IG's Sycamore, Baker Hughes, JP Morgan Organizations: West Texas, U.S . Energy Information Administration, International Energy Agency, Organization of, Petroleum, Energy Locations: Red, Ras Behar, Egypt, Europe, Ukrainian, Russian, Gaza, U.S, Aden, Iran, China

☆ Surging U.S. oil production may set a record in 2024, shielding consumers from Mideast war and pressuring OPEC
▼ + stars: | 2024-01-21 | by ( Spencer Kimball | ) www.cnbc.com time to read: +7 min

Supply is forecast to grow by 1.5 million barrels per day to a new high of 103.5 million barrels per day, according to the IEA. Demand will grow by 1.2 million barrels daily, down from 2.3 million in 2023, with the post-pandemic recovery over and major economies set to slow. WTI and Brent closed out 2023 down more than 10% and OPEC+ production cuts have so far failed to lift prices. Goldman Sachs, for example, says oil prices could double if there is a prolonged disruption to shipments through the Strait of Hormuz. 'Golden era' Stronger U.S. oil production in 2023 surprised even oil industry CEOs such as Chevron's Wirth and Occidental's Vicki Hollub, they told CNBC in recent interviews.

Persons: Michael Wirth, Wirth, CNBC's Brian Sullivan, Goldman Sachs, Walt Chancellor, Daniel Yergin, Brent, Adi Imsirovic, Imsirovic, Yergin, Bob Yawger, Yawger, Matt Smith, Smith, Chevron's Wirth, Occidental's Vicki Hollub, I'm, Macquarie, Chancellor, Hollub, — Organizations: P, Energy Information Agency, Chevron, P Global, CNBC, Economic, West Texas, Center for Strategic, International Studies, OPEC, Bank of America, Oil, International Energy Agency, IEA, Brent, Mizuho, Gulf, Americas, Western Hemisphere Locations: East, U.S, Macquarie, Davos, Switzerland, Canada, United States, United Kingdom, OPEC, Brazil, Guyana, Americas, Europe, Red, Kpler, Iran, Hormuz

☆ Oil prices drift lower on China demand worries
▼ + stars: | 2024-01-19 | by ( ) www.cnbc.com time to read: +2 min

An oil pumpjack stands idle near homes on February 09, 2023 in Long Beach, California. Oil prices drifted lower on Friday after a rally the day before, as geopolitical tensions and disruptions in U.S. oil production from a cold blast were countered by concerns over slow demand growth in China. Both benchmarks, which gained about 2% on Thursday as the International Energy Agency, or IEA, joined producer group OPEC in forecasting strong growth in global oil demand, are on track to end the week around 1-2% higher. There are also worries that the U.S.-China conflict could attract attention again as the U.S. election approaches, which would be negative for energy demand, he said. On Thursday, the IEA again raised its 2024 global oil demand growth forecast, though its projection remains lower than OPEC's expectations, and said the market looked well supplied because of strong growth outside the producer group.

Persons: Hiroyuki Kikukawa Organizations: Brent, U.S . West Texas, International Energy Agency, NS, Nissan Securities, U.S ., U.S . Energy Information Administration Locations: Long Beach , California, China, U.S, Pakistan, Iran, Tehran, Mandab, North Dakota

☆ Oil prices edge higher on OPEC demand estimate, while cold hits U.S. output
▼ + stars: | 2024-01-18 | by ( ) www.cnbc.com time to read: +1 min

Oil prices edged higher on Thursday as OPEC forecast relatively strong growth in global oil demand over the next two years and a cold blast in the U.S. disrupted some oil production. OPEC, in a monthly report, said world oil demand will rise by a robust 1.85 million barrels per day (bpd) in 2025 to 106.21 million bpd. For 2024, OPEC saw demand growth of 2.25 million bpd, unchanged from its forecast in December. Meanwhile, in North Dakota, a top oil-producing U.S. state, below-zero degrees Fahrenheit temperatures caused oil output there to fall by 650,000 to 700,000 bpd, to less than half its typical output, the state said. Domestic crude stockpiles rose last week by 480,000 barrels, according to market sources citing American Petroleum Institute figures on Wednesday.

Persons: Fatih Birol Organizations: Brent, U.S . West Texas, American Petroleum Institute, International Energy Agency, Reuters Global Locations: U.S, North Dakota, Africa, United States, Yemen, Iran, Gaza

☆ Oil prices fall as stronger dollar offsets Red Sea disruptions risks
▼ + stars: | 2024-01-17 | by ( ) www.cnbc.com time to read: +2 min

Oil prices fell on Wednesday as a stronger U.S. dollar limited demand for greenback-denominated crude, though the rising risks of supply disruptions amid the intensifying conflict in the Red Sea curbed the losses. U.S. West Texas Intermediate crude futures , or WTI, fell 43 cents, or 0.59%, to $71.97 a barrel. The stronger dollar reduces demand for dollar-denominated oil for buyers paying in other currencies. British oil major Shell suspended shipments through the Red Sea after the U.S. and UK strikes began, but U.S. producer Chevron is maintaining its Red Sea routes. "While oil benchmarks may not reflect the Red Sea attacks, the realized price for oil and oil products for consumers has increased given the disruption to trade flows through the Red Sea and Suez Canal," Vivek Dhar, director of mining and energy commodities strategist at the Commonwealth Bank of Australia, said in a note.

Persons: Brent, WTI, Daniel Hynes, Vivek Dhar Organizations: greenback, Global, Brent, . West Texas, U.S, U.S . Federal Reserve, ANZ Bank, Shell, Chevron, Commonwealth Bank of Australia Locations: U.S, Iran, Yemen, Red, Suez

☆ Oil is the ‘most investable space’ in the economy with prices set to spike on Fed cuts, analyst says
▼ + stars: | 2024-01-04 | by ( Spencer Kimball | ) www.cnbc.com time to read: +2 min

"It is the most investable space out there in the economy right now," Jeff Currie told CNBC's " Squawk Box " on Thursday. "I don't care how bearish you get on fundamentals this year — if you see the Fed cut, you don't want to be short commodities," Currie said. Rather, it was the result of a "one-off increase in supply" that the market will absorb, he said. "It wasn't created by investment or a slowdown in demand," Currie said of the price drop. "It was created by a one-off increase in supply that the system can either absorb, or that one-off increase in supply goes away."

Persons: Goldman Sachs, Jeff Currie, CNBC's, we're underinvested, Currie Organizations: Goldman, Federal, West Texas, West Locations: Iran, Russia, Venezuela, Western

☆ Oil prices fall on China concerns, skepticism on OPEC+ cuts
▼ + stars: | 2023-12-06 | by ( ) www.cnbc.com time to read: +2 min

An aerial view of a crude oil storage facility is seen on May 4, 2020 in Cushing, Oklahoma. Oil prices fell in Wednesday Asian morning trading as markets continue to doubt the impact of OPEC+ cuts and take cues from a worsening demand outlook in China. U.S. WTI crude futures were down 13 cents, or 0.2%, at $72.19 a barrel. China will release preliminary trade data, including crude oil import data, on Thursday. Gasoline stockpiles gained by 2.8 million barrels, while distillate inventories rose nearly 1.9 million barrels.

Persons: Alexander Novak, Vladimir Putin, Moody's Organizations: Brent, Organization of, Petroleum, United Arab Emirates, American Petroleum Institute Locations: Cushing , Oklahoma, China, Russia, OPEC, Saudi, Russian, Saudi Arabia, U.S

But that came after they had sold petroleum in eight of the previous nine weeks, reducing their position by a total of 342 million barrels. In the premier NYMEX WTI contract, funds had amassed bearish short positions amounting to 116 million barrels by Nov. 28, up from 20 million barrels eight weeks earlier. Funds purchased the equivalent of 10 million barrels split between U.S. gasoline (+2 million), U.S. diesel (+4 million) and European gas oil (+4 million). Funds held a net long position in gasoline of 66 million barrels (72nd percentile) up from 26 million barrels (19th percentile) six weeks earlier. Related columns:- Record U.S. oil output challenges Saudi mastery (December 4, 2023)- Investors bet against OPEC+ raising oil prices (November 28, 2023)John Kemp is a Reuters market analyst.

Persons: de Wouw, John Kemp, Kirsten Donovan Organizations: Port, REUTERS, ICE, Fund, U.S, . Funds, U.S ., Funds, Saudi, OPEC, Thomson, Reuters Locations: Rotterdam, Netherlands, Brent, Saudi Arabia, United States, U.S

☆ Oil prices set for sixth straight weekly fall as OPEC+ cuts underwhelm
▼ + stars: | 2023-12-01 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Tatiana Meel/File Photo Acquire Licensing RightsDec 1 (Reuters) - Oil prices extended losses on Friday, and looked set for a sixth straight week of declines, as voluntary oil output cuts agreed by OPEC+ producers fell short of market expectations. Saudi Arabia, Russia and other members of OPEC+ agreed to voluntary output reduction of 900,000 bpd in addition to extending 1.3 million bpd in production cuts already in place. Delegates had earlier discussed as much as 2 million bpd in new output curbs. Goldman Sachs said its December forecast for Brent was "moderately tilted" to the downside of its previously estimated range, calling the oil producers' move a "temporary response," and "difficult to implement." Separately, Brazil said on Thursday it would join the OPEC+ next year, though such a move wouldn't bind the south America's largest country to production cuts.

Persons: Tatiana Meel, Brent, Goldman Sachs, Goldman, Laura Sanicola, Stephen Coates, Kim Coghill Organizations: REUTERS, OPEC, Brent, . West Texas, Thomson Locations: Nakhodka, Russia, Saudi Arabia, UAE, Iraq, Kuwait, Kazakhstan, Algeria, Brazil, OPEC

☆ Oil prices rise after storm disrupts Kazakh, Russian exports
▼ + stars: | 2023-11-29 | by ( ) www.cnbc.com time to read: +2 min

Oil prices rose on Wednesday as a storm in the Black Sea region disrupted oil exports from Kazakhstan and Russia, raising fears of supply tightness, while investors awaited a crucial decision by OPEC+, which may deepen or extend output cuts. A severe storm in the Black Sea region has disrupted up to 2 million barrels per day of oil exports from Kazakhstan and Russia, according to state's officials and port agent data. Kazakhstan's largest oilfields are cutting combined daily oil output by 56% from Nov. 27, the Kazakh energy ministry said. A weaker dollar typically supports oil prices as it makes oil cheaper for those holding other currencies. Meanwhile, U.S. crude oil inventories fell by 817,000 barrels last week, according to market sources citing American Petroleum Institute figures.

Persons: Hiroyuki Kikukawa Organizations: OPEC, Brent, . West Texas, of, Petroleum, NS, Nissan Securities, Federal Reserve, American Petroleum Institute, Reuters, Weekly U.S Locations: Kazakhstan, Russia, OPEC, Kazakh

"Investors covered short positions ahead of the OPEC+ meeting amid worries over supply disruption from Kazakhstan," said Hiroyuki Kikukawa, president of NS Trading, a unit of Nissan Securities. OPEC+ is due to hold an online ministerial meeting on Thursday to discuss 2024 production targets, after delaying the meeting from Nov. 26. The talks will be difficult and a rollover of the previous agreement is possible rather than deeper production cuts, four OPEC+ sources said. Kazakhstan's largest oilfields are cutting combined daily oil output by 56% from Nov. 27, the Kazakh energy ministry said. Meanwhile, U.S. crude oil inventories fell by 817,000 barrels last week, according to market sources citing American Petroleum Institute figures.

Persons: Turar, Hiroyuki Kikukawa, Warren Patterson, Ewa Manthey, Brent, Yuka Obayashi, Muyu Xu, Lincoln, Kim Coghill Organizations: REUTERS, Rights, Brent, . West Texas, of, Petroleum, NS, Nissan Securities, ING, Federal Reserve, American Petroleum Institute, Reuters, Weekly U.S, Thomson Locations: Mangystau, Kazakhstan, Rights TOKYO, SINGAPORE, Russia, OPEC, Kazakh

OPEC+, the Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia, is due to hold an online ministerial meeting on Thursday to discuss 2024 production targets. The market tumbled last week when OPEC+ pushed back the original date for its meeting to iron out differences on production targets for African producers. "According to delegates, Saudi Arabia is demanding lower production quotas from the other OPEC+ countries. Oil also found support from a weak dollar, an expected decline in U.S. crude inventories and the drop in Kazakh output. A weaker dollar typically bolsters oil demand, making dollar-denominated oil less expensive for buyers using other currencies.

Persons: Andrew Kelly, Waller, Phil Flynn, Commerzbank's Carsten Fritsch, Christopher Waller, Stephanie Kelly, Alex Lawler, Natalie Grover, Kim Coghill, David Goodman, David Gregorio Our Organizations: REUTERS, Brent, . West Texas, Organization of, Petroleum, Price Futures Group, United, Reuters, American Petroleum Institute, The U.S, Federal, Thomson Locations: Manhattan , New York City, U.S, Russia, Chicago, Angola, Nigeria, Saudi Arabia, Kuwait, United Arab Emirates

☆ Oil rises, Brent tops $80 ahead of OPEC+ meeting
▼ + stars: | 2023-11-28 | by ( Alex Lawler | ) www.reuters.com time to read: +2 min

A person puts gas in a vehicle at a gas station in Manhattan, New York City, U.S., August 11, 2022. OPEC+, comprising the Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia, is due to hold an online ministerial meeting on Thursday to discuss production targets for 2024. The market tumbled last week when OPEC+ pushed back the original date for its meeting to iron out differences on production targets for African producers. Oil also found support from a weak dollar, an expected decline in U.S. crude inventories and the drop in Kazakh output. Four analysts polled by Reuters estimated that the latest round of weekly U.S. supply reports will show crude inventories fell by about 2 million barrels.

Persons: Andrew Kelly, Tamas Varga, Alex Lawler, Sudarshan, Kim Coghill, David Goodman Organizations: REUTERS, of, Petroleum, Brent, . West Texas, Reuters, American Petroleum Institute, Thomson Locations: Manhattan , New York City, U.S, OPEC, Russia, Saudi Arabia

REUTERS/Leonhard Foeger/File Photo Acquire Licensing RightsLONDON, Nov 28 (Reuters) - Investors are increasingly pessimistic about the outlook for crude oil prices as doubts grow OPEC+ will cut production enough to offset rising non-OPEC output and a deteriorating economic outlook. But many professional money managers are more optimistic about refined fuel prices, especially U.S. gasoline and diesel, expecting low inventories will ensure prices remain stronger than crude. By contrast, the position in fuels was 114 million barrels (51st percentile), with substantial positions in U.S. gasoline (64 million barrels) and U.S. diesel (33 million barrels). The surplus had swelled from +60 bcf (+2% or +0.23 standard deviations) at the start of October despite very low prices. Related columns:- U.S. crude oil bears risk reversal from crowded trade (November 20, 2023)- U.S. gasoline stocks add to crude oil turbulence (November 17, 2023)- U.S. oil prices slide as stocks accumulate at Cushing (November 16, 2023)- Oil traders turn bearish, daring OPEC⁺ to cut again (November 14, 2023)John Kemp is a Reuters market analyst.

Persons: Leonhard Foeger, Brent, Henry, John Kemp, Mark Potter Organizations: REUTERS, ICE, U.S ., Funds, Henry Hub, Thomson, Reuters Locations: Vienna, Austria, OPEC, NYMEX, Saudi Arabia, Louisiana, Cushing

The sun is seen behind a crude oil pump jack in the Permian Basin in Loving County, Texas, U.S., November 22, 2019. Brent crude futures were down 60 cents, or 0.7%, at $79.98 a barrel. U.S. West Texas Intermediate (WTI) crude futures lost 68 cents, or 0.9%, to $74.86. OPEC+ is looking at deepening oil production cuts despite its policy meeting being postponed to this Thursday, an OPEC+ source said on Monday. The Middle East crisis had impacted oil prices as investors worried about impacts on supply.

Persons: Angus Mordant, Rebecca Babin, Goldman Sachs, Arathy Somasekhar, Paul Carsten, Florence Tan, Mohi Narayan, Peter Graff, Mark Potter, Tomasz Janowski, Cynthia Osterman, David Gregorio Our Organizations: REUTERS, HOUSTON, Brent, . West Texas, Organization of, Petroleum, Reuters, Saudi, CIBC Private Wealth, ING, OPEC, United, International Energy Agency, Qatar, Hamas, U.S . Commodity Futures Trading Commission, Thomson Locations: Loving County , Texas, U.S, Saudi, Russia, OPEC, Saudi Arabia, United Arab Emirates, Iraq, Turkey, United States, Gaza, Houston, London

The sun is seen behind a crude oil pump jack in the Permian Basin in Loving County, Texas, U.S., November 22, 2019. Brent crude futures were down 60 cents, or 0.7%, at $79.98 a barrel, while U.S. West Texas Intermediate (WTI) crude futures lost 68 cents, or 0.9%, to $74.86. "We still expect an extension of the unilateral Saudi and Russia cuts through at least the first quarter of 2024," the bank added. Higher crude stockpiles in the United States have also put downward pressure on prices, analysts said. The Middle East crisis had impacted oil prices as investors worried about impacts on supply.

Persons: Angus Mordant, Rebecca Babin, Goldman Sachs, Arathy Somasekhar, Paul Carsten, Florence Tan, Mohi Narayan, Peter Graff, Mark Potter, Tomasz Janowski, Cynthia Osterman Organizations: REUTERS, HOUSTON, Brent, U.S, West Texas, Organization of, Petroleum, Reuters, Saudi, CIBC Private Wealth, ING, OPEC, United, International Energy Agency, Qatar, Hamas, Thomson Locations: Loving County , Texas, U.S, Saudi, Russia, OPEC, Saudi Arabia, United Arab Emirates, Iraq, Turkey, United States, Gaza, Houston, London

[1/2] An aerial view shows a crude oil tanker at an oil terminal off Waidiao island in Zhoushan, Zhejiang province, China January 4, 2023. Both contracts had their first weekly gain in five weeks as OPEC+ prepares for a meeting that will have output cuts high on the agenda after recent oil price declines on demand concerns and burgeoning supply, particularly from non-OPEC producers. OPEC+ has moved closer to a compromise with African oil producers on 2024 output levels, three OPEC+ sources have told Reuters. "Fundamentals developments have been bearish with rising U.S. oil inventories," ANZ analysts said in a note. Analysts say oil demand growth could weaken to about 4% in the first half of 2024 as the property sector crunch weighs on diesel use.

Persons: John Kilduff, Tony Sycamore, Brent, Craig Erlam, Tina Teng, Paul Carsten, Natalie Grover, Colleen Howe, David Goodman, Louise Heavens, Marguerita Choy Organizations: REUTERS, U.S, Brent, West Texas, Organization of, Petroleum, Reuters, OANDA, ANZ, Petrobras, Thomson Locations: Zhoushan, Zhejiang province, China, Gaza, OPEC, Wednesday's, WTI, Israel, New York, Russia, U.S, London, Beijing

☆ Brent climbs ahead of OPEC+ oil production decision
▼ + stars: | 2023-11-24 | by ( Colleen Howe | ) www.reuters.com time to read: +2 min

[1/2] An aerial view shows a crude oil tanker at an oil terminal off Waidiao island in Zhoushan, Zhejiang province, China January 4, 2023. Brent crude futures gained 29 cents, or 0.4%, to $81.71 at 0213 GMT, after settling down 0.7% in the previous session. Trading remained subdued because of the Thanksgiving holiday in the U.S.On the demand side, poor refining margins have led to weaker crude demand from refineries in the U.S., analysts said. "Fundamentals developments have been bearish with rising U.S. oil inventories," ANZ analysts said in a note. In China, analysts say oil demand growth could weaken to around 4% in the first half of 2024 from strong post-COVID growth levels in 2023, as the country's property sector crunch weighs on diesel use.

Persons: Tony Sycamore, Brent, Colleen Howe, Sonali Paul Organizations: REUTERS, Rights, Brent, . West Texas, of Petroleum, IG, ANZ, Petrobras, Thomson Locations: Zhoushan, Zhejiang province, China, Rights BEIJING, WTI, U.S, Saudi Arabia, OPEC, Sydney

☆ Oil declines as traders speculate on OPEC agreement on output
▼ + stars: | 2023-11-24 | by ( ) www.cnbc.com time to read: +1 min

Oil rig and pump of H&P Rig 488 in Stanton, Texas, on June 8, 2023. Oil prices fell slightly Friday as traders speculated on whether OPEC+ would come to an agreement on further production cuts. Trading remained subdued because of the Thanksgiving holiday in the U.S.On the demand side, poor refining margins have led to weaker crude demand from refineries in the U.S., analysts said. "Fundamentals developments have been bearish with rising U.S. oil inventories," ANZ analysts said in a note. In China, analysts say oil demand growth could weaken to around 4% in the first half of 2024 from strong post-COVID growth levels in 2023, as the country's property sector crunch weighs on diesel use.

Persons: Tony Sycamore, Brent Organizations: Brent, U.S, West Texas, of Petroleum, IG, ANZ, Petrobras Locations: Stanton , Texas, OPEC, Sydney, U.S, China

☆ Stocks maintain November reign, oil hit by OPEC doubts
▼ + stars: | 2023-11-23 | by ( Marc Jones | ) www.reuters.com time to read: +5 min

Bull statues are placed in font of screens showing the Hang Seng stock index and stock prices outside Exchange Square, in Hong Kong, China, August 18, 2023. Wall Street's benchmark S&P 500 (.SPX) is nearing a fresh high for 2023, with the S&P 500 and MSCI's all-country world index (.MIWD00000PUS) both up more than 8% this month alone. For MSCI world that is the best showing since November 2020 when markets got a major shot in the arm from COVID vaccine hopes. Germany's 10-year bund , the benchmark for the Europe, was fractionally higher on the day at 2.57% having touched 3% last month. Bitcoin fell by 0.77% on Thursday to $37,337 after it rose nearly 5% on Wednesday.

Persons: Tyrone Siu, Geert Wilders, Robert Alster, Viktor Orban, Wilders, Mark Rutte, Sterling, Jeremy Hunt, Changpeng Zhao, Marc Jones, Christina Fincher Organizations: REUTERS, PMI, ECB, Oil, Traders, Asset Management, European Union, Freedom Party, Labour, Green, People's Party for Freedom and Democracy, European, HK, Reuters, Treasury, UK Finance, OPEC, Thomson Locations: Exchange, Hong Kong, China, Europe, U.S, EU, Germany, Holland, Ukraine, Turkey, Asia, Pacific, Japan, Brent, Bitcoin

☆ Stocks maintain November reign, oil nagged by OPEC doubts
▼ + stars: | 2023-11-23 | by ( Marc Jones | ) www.reuters.com time to read: +5 min

[1/2] The German share price index DAX graph is pictured at the stock exchange in Frankfurt, Germany, November 22, 2023. Traders were getting their moves in despite the annual U.S. Thanksgiving holiday scything volumes but there was plenty to keep them busy while they did it. Wall Street's benchmark S&P 500 (.SPX) is nearing a fresh high for 2023 and both it and MSCI's all-country world index (.MIWD00000PUS) are both up more than 8% this month alone. For the MSCI world index, that is the best showing since November 2020 when COVID-19 vaccine hopes were driving markets wild. Reporting by Marc Jones; Editing by Christina Fincher and Jonathan OatisOur Standards: The Thomson Reuters Trust Principles.

Persons: Geert Wilders, Robert Alster, Viktor Orban, Wilders, Mark Rutte, Tayyip Erdogan, Sterling, Jeremy Hunt, Changpeng Zhao, Marc Jones, Christina Fincher, Jonathan Oatis Organizations: REUTERS, Staff, PMI, ECB, Oil, OPEC, Traders, Asset Management, Freedom Party, Labour, Green, People's Party for Freedom and Democracy, European, U.S, HK, Reuters, Europe, Thomson Locations: Frankfurt, Germany, Europe, U.S, European, France, Holland, Ukraine, Asia, Pacific, Japan, COVID, Brent, Bitcoin

☆ Saudi Arabia may make surprise oil cuts, sending prices soaring and the futures market into backwardation, says a 30-year energy expert
▼ + stars: | 2023-11-23 | by ( Laila Maidan | ) www.businessinsider.com time to read: +3 min

Oil prices fell on Thursday after OPEC delayed its meeting from November 26 to November 30. AdvertisementAs the US Thanksgiving holiday puts the stock market at a standstill, oil prices are still on the move. There are three levels at which production can be pulled back: through OPEC+, an extension of the existing voluntary cuts, and new voluntary cuts. But, what he anticipates could happen is an announcement about additional voluntary cuts from Saudi Arabia. If Saudi Arabia does implement additional cuts, then this will flip the futures curve into backwardation, he noted.

Persons: It's, Anas Alhajji, —, Alhajji Organizations: Service, West Texas, Outlook Advisors Locations: OPEC, Saudi Arabia, Nigeria, Angola, Dubai, backwardation, contango

☆ Oil group OPEC and its allies delay policy-setting meeting by four days
▼ + stars: | 2023-11-22 | by ( Ruxandra Iordache | ) www.cnbc.com time to read: +4 min

Opec logo displayed on a smart phone with Opec seen in the background, in this photo illustration. It was not immediately clear whether the OPEC+ group would be holding a virtual or in-person meeting on Thursday, or whether ministers would still adjourn at the OPEC secretarial headquarters in Vienna. Earlier in the day, Bloomberg News issued a report saying the meeting of Sunday could be delayed amid Saudi dissatisfaction over the oil production levels of some countries. The upcoming meeting faced a challenging market environment, defined by depressed oil prices, a slower-than-expected Chinese demand recovery and petropolitics amid conflict in the Middle East. High interest rates and banking turmoil largely slumped oil prices in the first half of the year, before a sharp boost from several voluntary supply declines announced independently of OPEC+ strategy.

Persons: Jonathan Raa, Ice Brent, —, Abdulaziz bin Salman Organizations: Getty, of, Petroleum, Ice, OPEC Secretariat, Conference of, United, United Arab Emirates —, Bloomberg News Locations: Brussels, Belgium, OPEC, Vienna, Dubai, United Arab, Saudi, Saudi Arabia, Russia, China, Israel, Iran, Venezuela

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