Excerpt: “In October, the OPEC Reference Basket (ORB) value increased by 86¢, or 1.2%, m-o-m, to average $74.45/b. The ICE Brent front-month contract increased by $2.51, or 3.4%, m-o-m, to average $75.38/b. The NYMEX WTI front-month contract increased by $2.19, or 3.2%, m-o-m, to average $71.56/b. The GME Oman front-month contract increased by $2.12, or 2.9%, m-o-m, to average at $75.03/b. The ICE Brent-NYMEX WTI front-month spread widened by 32¢, m-o-m, to average $3.82/b. The oil futures forward curves flattened in October but remained in backwardation. Hedge funds and other money managers showed mixed movements in their positions, contributing to volatility. … Preliminary data shows US crude imports fell to an almost two-year low of 6.0 mb/d in October, while exports returned above 4 mb/d for the first time in three months, supported by higher flows to Europe. US product imports fell further to 1.5 mb/d, led by lower inflows of gasoline, while product exports remained strong compared to the previous year at 6.4 mb/d, supported by a high distillate fuel exports. Preliminary estimates point to OECD Europe crude and product inflows increasing m-o-m in October, supported by US exports into the region.”
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(95 pages)
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