Energy

"the future of oil depends on sanctions on Iran and Venezuelaand OPEC," said Francisco Blanch of Bank of America. If output from both drops, Brent could hit $80 per barrel. https://t.co/aljt5j6w4Q https://t.co/J2z9LPRCU6 https://t.co/dqBFSN98zB.

Brent jumped 2.5%, its biggest gain in two weeks. U.S. crude inventories rose 1.2 million barrels, and gasoline stocks added 4.6 million barrels, according to API data. https://t.co/kG0Lh6RZgm https://t.co/reGu2xWpqb https://t.co/wvH3rAkzrW.

The Attica is the first tanker carrying Russian crude from the Baltic to reroute around Scotland since the UK pledged to challenge poorly insured ships in October. It loaded 730,000 barrels of Urals crude at Russias Ust-Luga terminal. https://t.co/yCcQiiYdX7 https://t.co/Q7JfLfAYtX https://t.co/Wi9YSLnfCd.

Singapore refining margins for Dubai crude surged 240% since mid-October, hitting $6.62 on Nov. 29. Despite higher Aramco OSPs, Saudi crude is now more competitive in Asia than Russias Urals. https://t.co/H0i4eRjKuD https://t.co/DhmRe47d7K https://t.co/o4gfq36XB7.

Brent + WTI net long positions increased 35 mmb (16%) for the week ending November 22 WTI net longs increased 3 mmb and Brent net longs increased 31 mmb Brent price rose $1.84 (3%) from $71.92 to $73.76 https://t.co/FWCUwNzyqy https://t.co/YT9IYtxVT3.

The currencies of three of the five BRICS founding members are under pressure with a strong US dollar. Brazils real struggles as Lula softens fiscal reform, pushing USD/BRL above 6.00 https://t.co/h9xeFjzyOs https://t.co/Yj95GrzdWx https://t.co/Vm2ajKEG2f.

Whoops. Higher oil prices from the Bullshitter-elect Trump's proposed Canada and Mexico tariffs may boost tanker demand as those countries seek new overseas oil markets https://t.co/7wlJ2fdQVt https://t.co/xTOzfg7D0o.

China's oil demand growth is slowing to 100,000-200,000 bpd annuallywell below trend. "If China slows, the world slows," says Morgan Stanley's Martijn Rats. https://t.co/XWW5VaZEgy https://t.co/stS56UAuHS.

"china data is helping, but I think it is also coming on concerns the Israel-Lebanon ceasefire may not hold," --Tony Sycamore, IG https://t.co/gedqUuu8ma https://t.co/VIqdLj5p18.

Bloomberg Economics expects three tariff hikes starting in mid-2025, tripling China tariffs and raising U.S. average tariffs to 8% by 2026, targeting intermediate and capital goods. https://t.co/AFBB0X8BTn https://t.co/EIPESS2pBn https://t.co/5kkIOWzDNu.

The great bullshitter is no match for how smarter people can counter his simple-minded ideas "Nations may push back against Trump-era tariffs." JPMorgan predicts China could devalue the yuan by 10-15%, with emerging-market currencies averaging a 5% drop by mid-2025. https://t.co/Cnb0OkjKEx https://t.co/JxsOH2ejQE https://t.co/wZkYJ5RkjR.

Brent 12-month spread rose $0.10 (3%) and 6-month spread increased $0.72 (44%) as backwardation steepened despite price decrease Front-month price fell $2.23 (3%) from $75.17 to $72.94 https://t.co/JSufrFM2ru.

Brent futures decreased $2.23 (3%) from $75.17 to $72.94 week ending November 29 Price needs urgent defibrillation 12-month spread suggests potential upward price movement on Monday https://t.co/E5s7WKKO91.