- Oil prices are trading higher after falling to a three-month low
- The Cal ’24 strip is up 58c to $74.13, and the Cal ’25 strip is up 39c to $70.29
- The US Dollar and equity futures are trading higher this morning
- The API reported an estimated crude build of 11.9 MMBbls and a 1.1 MMBbl build in Cushing stocks, with official EIA data being released next week
- Citi says oil to consolidate near current levels (BBG)
- In a note from Citigroup, the bank said they think oil prices will continue to hold near current levels following the recent price decline
- They added further that the market could flip into a global inventory draw, but much smaller than those seen in the third quarter
- Weak fundamentals on both the demand and supply side have resurfaced, following bearish China data and higher exports from OPEC in August
- Africa’s largest refinery months from start-up (BBG)
- The 650 MBbl/d Dangote plant in Nigeria is getting closer to commercial operations following the conclusion of a deal to receive 6 MMBbl of crude in December
- The facility is currently building up stocks to conduct test runs, with a full start-up unlikely before the end of 2024
- The refinery will be able to run a full range of crude grades, but its initial intake is expected to consist of Nigerian grades such as Bonny Light, Forcados, and Engina