Crude is down in early trading this morning. Crude is currently trading at $58.89, a loss of 13 cents.
Fuel prices are relatively flat but mixed. Diesel is trading at $1.9468, a fractional gain. Gasoline is trading at $1.6505, a fractional loss.
Yesterday, crude traded both sides of unchanged as markets wait for the looming December 15 deadline for the imposition of more Tariffs on Chinese goods. Crude prices finished slightly lower yesterday as markets considered OPEC’s deeper production cuts and weak economic data coming out of China. The markets are still not convinced that the global oil surplus will dissipate in the short term even with OPEC cuts. Only time will tell what the impact of cuts will be when weighed against falling global oil demand.
According to Reuters, OPEC’s November seaborne crude exports (excluding Iran) recovered by 638 kbpd to reach 22.51 mmbpd well above the YTD monthly average of 21.96 mmbpd; the increase in monthly exports was driven by a jump in shipments from the Middle East which were assessed at 16.44 mmbpd, the highest monthly volumes since tracking data began in January 2015.