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Oil prices have nearly erased all year-to-date gains as shrinking refining margins signal weaker demand for oil. Chart of the Week – At least 48 VLCC tankers are sailing towards the United States to collect oil for exports, the highest in six years, as US exports are set to reach new all-time highs over the winter months. – According to Kpler data, US crude exports in November are expected to come in around 4.35 million b/d, only slightly below the all-time high of 4.45 million b/d reached in March 2023. – The weakening of US gasoline cracks has weakened market interest in WTI, the main light sweet grade across the Americas, pushing increasing volumes of the grade into the global markets. – The ICE Brent-WTI spread widened to some $4.5 per barrel recently as the US benchmark has been gradually weakening, with WTI Midland becoming the cheapest grade within the BFOETM basket for 16 consecutive trading days. Market Movers – Saudi Arabia’s NOC Saudi Aramco (TADAWUL:2222) reported a 23% quarter-on-quarter decline in net profits, falling to $32.6 billion on lower production levels, slightly above market expectations. – US oil major Chevron (NYSE:CVX) is reportedly in talks with European companies […]
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