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Oil Market Report - November 2023
In October, the OPEC Reference Basket (ORB) fell by $2.82, or 3.0%, m-o-m, to an average of $91.78/b. The ICE Brent front-month contract fell by $3.89, or 4.2%, m-o-m, to $88.70/b, and the NYMEX WTI front-month contract fell by $3.96, or 4.4%, m-o-m, to average $85.47/b. The DME Oman front-month contract fell by $4.06, or 4.3%, m-o-m, to settle at $89.31/b. The front-month ICE Brent/NYMEX WTI spread widened in October by 7¢ to average $3.23/b. The market structure strengthened further as the front end of futures forward curves for ICE Brent, NYMEX WTI and DME Oman steepened on concerns over geopolitical tensions in ... (full story)
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OPEC RAISES 2023 NON-OPEC SUPPLY-GROWTH FORECAST BY 100,000 BPD TO 1.8 MLN BPD.
— Breaking Market News (@financialjuice) November 13, 2023
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OPEC: OPEC CRUDE OIL OUTPUT ROSE BY 80,000 BPD TO 27.90 MILLION BPD IN OCTOBER LED BY IRAN, ANGOLA AND NIGERIA.
— Breaking Market News (@financialjuice) November 13, 2023
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OPEC: DESPITE OVERBLOWN NEGATIVE SENTIMENT REGARDING CHINA’S OIL DEMAND PERFORMANCE, CHINESE CRUDE IMPORTS REMAIN VERY HEALTHY.
— Breaking Market News (@financialjuice) November 13, 2023
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OPEC: GLOBAL OIL MARKET FUNDAMENTALS REMAIN STRONG DESPITE EXAGGERATED NEGATIVE SENTIMENTS.
— Breaking Market News (@financialjuice) November 13, 2023