Register with us today

and in less than 60 seconds continue your access to:Latest news headlinesAnalytical topics and featuresCommodities videos, podcast & blogsSample market prices & dataSpecial reportsSubscriber notes & daily commodity email alerts

Already have an account?

Log in to register

Forgot Password

Please Note: Platts Market Center subscribers can only reset passwords via the Platts Market Center

Enter your Email ID below and we will send you an email with your password.

  • Email Address* Please enter email address.

If you are a premium subscriber, we are unable to send you your password for security reasons. Please contact the Client Services team.

If you are a Platts Market Center subscriber, to reset your password go to the Platts Market Center to reset your password.

In this list

Crude oil futures lower on API data; market awaits OPEC meet

Natural Gas | Oil

Oil & Gas 2018 Outlook: Asia


Platts Market Data – Oil

Oil | Refined Products | Fuel Oil | Shipping | Dry Freight | Marine Fuels | Tankers

Mediterranean Bunker Fuel Conference, 9th Annual

Oil | Petrochemicals

European ethylene April CP settles down Eur200/mt on month at Eur720/mt: sources

Crude oil futures lower on API data; market awaits OPEC meet

Singapore — Crude oil futures were lower during mid-morning trade in Asia Wednesday amid a larger-than-expected build reported in US crude stocks while market participants await the OPEC/non-OPEC meet.

Not registered?

Receive daily email alerts, subscriber notes & personalize your experience.

Register Now

At 10:20 am Singapore time (0230 GMT), ICE February Brent crude futures were down 71 cents/b (1.14%) from Tuesday's settle at $61.37/b, while the NYMEX January light sweet crude contract moved 58 cents/b (1.09%) lower to $52.67/b.

According to analysts reports quoting the American Petroleum Institute report out Tuesday, US crude inventories for the week ended November 30 rose 5.36 million barrels.

Analysts surveyed Monday by S&P Global Platts on the other hand, were looking for a fall of 2.39 million barrels in US crude stocks to 448.1 million barrels for the same period.

More definitive numbers on US crude inventories are due for release from the US Energy Information Administration later Thursday, which could either confirm a 11th consecutive weekly increase or a snap from the 10 consecutive weekly build.

Meanwhile, analysts said that crude price action is likely to remain volatile ahead of the OPEC/non-OPEC meeting scheduled to be held at Vienna on December 6 and 7.

"Oil prices remained buoyant on expectations of sufficient production cut deal to balance the market in the upcoming OPEC meeting," ANZ analysts said in a note Wednesday.

Iraq appeared open to a return to OPEC production cuts at key policy meeting by the producer group this week, but called on OPEC to consider longer term strategies to help stabilize the global oil market.

Iraq, OPEC's second-largest oil producer behind Saudi Arabia, will look to be "positive and constructive" in efforts to help balance the oil market and support oil prices, oil minister Thamir Ghadhban said in a statement ahead of the key decision on OPEC production levels this week.

"We will listen to the report of the technical committee on the conditions of the global market, and we will discuss this to the proposals that contribute to reaching an agreement between the producers to address the decline in oil prices," Ghadhban said.

Pressure on Saudi Arabia however, continued to be heightened to reassure a nervous oil market following the surprise exit of Qatar from the producer group, said analysts.

Elsewhere, investors would also be watching our for further news on US sanctions on Venezuela after White House officials urged US President Donald Trump to hit Venezuela with sanctions that could further cripple its state-owned oil company PDVSA over human rights violations, according to sources familiar with the discussions, who say that the 30% decline in crude prices over the last two months could embolden the president.

As of 0220 GMT, the US Dollar Index was up 0.09% at 97.005.

--Avantika Ramesh,

--Edited by Irene Tang,