Spot Cargo Markets -WTI Tests $40/bbl

摘要

US oil futures fell ahead of December’s expiry on Friday and after weekly data showed another build in US crude inventories. US commercial crude tanks have now built for the last eight weeks in a row -hitting 487.3 million barrels last week, within a whisker of April’s 409.9 million bbl record -with a peak contango in West Texas Intermediate (WTI) encouraging stockpiling. The difference between front-month and year-ahead WTI hit a record $8 per barrel on Thursday when December Nymex WTI settled at $40.54/bbl. Prices were down $1.21/bbl on the week, having dipped below $40/bbl on two occasions. January Nymex WTI reached a record $1.43/bbl premium to December in Wednesday trading. International benchmark Brent was better supported as geopolitical tensions mounted in the aftermath of the Nov. 13 terror attacks in Paris. Front-month January ICE Brent settled at $44.18/bbl Thursday, up 12￠/bbl on the week. Saudi Oil Minister Ali Naimi expects annual oil demand will grow by more than 1 million barrels per day out to at least 2020. Speaking at the Arab Petroleum Investment Corp. conference in Bahrain last week, Naimi repeated the Saudi view that strong demand will bring oil markets back into balance sooner rather than later. His comments come as data showed Saudi Arabia supplied the market with an additional 300,000 b/d of crude in September.