- Oil is trading higher, around $77.50, reversing losses from last week
- WTI prices fell by $1.26 last week in the fourth consecutive weekly decline
- The Cal ’24 strip is up $1.30 to $76.22, and the Cal ’25 strip is higher by $1.20 to $72.28
- The US Dollar index continues to fall, now down more than 3% since the start of November, which should be supportive of oil prices
- Speculators holding negative view on oil prices ahead of OPEC meeting (BBG)
- Money managers have cut their net-long positions in crude oil futures to the lowest level in 20 weeks ahead of the OPEC+ meeting on November 26
- In the past, OPEC has called out negative sentiment by speculators and short sellers as weighing on oil prices
- The meeting will determine the future of OPEC’s supply cuts and if they will be extended into 2024
- Kuwait’s Al Zour refinery to reach full capacity soon (BBG)
- Kuwait’s 615 MBbl/d mega-refinery is expected to reach full capacity in the next few weeks after suffering a shutdown earlier this month
- The Al Zour refinery is one of the largest oil processing facilities in the Middle East