Market Waits for OPEC+ Revelations
November 29, 2023
The API called crude oil inventories down 817,000, gasoline inventories down 898,000 and distillate up 2.806 million. The API also said that Cushing, Ok crude oil stocks were down 465,000.
The average estimates for this week’s EIA report from the Bloomberg survey is for crude stocks to be down 296,000, gasoline down 65,000 and distillates down 777,000.
The market continues to wait on the OPEC meeting and yesterday saw some short covering as there were rumors that there could be some additional production cuts which fueled buying.
The current sentiment is that OPEC+ will just continue with the current cuts that are in place and just move on. But if they do deviate from that the market will react.