- Oil prices are lower ahead of EIA inventory report
- The API is estimating US crude inventories rose 1.3 MMBbls last week
- The US Dollar is trading higher following a string of losses
- Chinese refineries cut throughput in October (BBG)
- Oil refiners in China reduced utilization rates last month amid weak margins and demand, with throughput falling to 15.12 MMBbl/d from a record of 15.54 MMBbl/d in September
- Apparent oil demand in China fell in October by 2.4% to 14.87 MMBbl/d
- Energy Aspects said, “Weak refining runs weigh more on teapots, while there are limited cuts from majors due to less product exports”
- The lower Chinese demand may be having a bearish impact on global crude prices, with Brent down 13% from the end of September
- Federal court orders Biden administration to sell Gulf of Mexico leases (BBG)
- A federal appeals court has ordered that the Biden administration must sell oil leases in the Gulf of Mexico within 37 days, in a defeat to environmental groups attempting to secure protections for an endangered whale species
- The auction is set to be the last Gulf of Mexico lease sale until at least 2025