OIL FUTURES: Crude treads water amid little cues on production guidance from OPEC+ JMMC

摘要

Crude futures were little changed Nov. 17 after the OPEC+ Joint Ministerial Monitoring Committee failed to offer insight as to whether the group would extend its current output quotas into next year. NYMEX December WTI settled 9 cents higher at $41.43/b and ICE January Brent was down 7 cents at $43.75/b. The JMMC, led by Saudi Arabia and Russia, met Nov. 17 without making any policy recommendations, delegates told S&P Global Platts, despite reviewing proposals to postpone the OPEC+ alliance's scheduled 2 million b/d easing of quotas by three or six months. The 22-country producer bloc will announce its decision when it convenes online Nov. 30-Dec. 1, still ample time for market fundamentals to shift, delegates said, warranting a cautious approach to publicizing any outcome beforehand. NYMEX December RBOB settled 64 points higher at $1.1532/gal and December ULSD was up 1.02 cents at $1.2391/gal.