The latest industrial output data from China shows that refiners reduced activity in November.
Crude processed in the month fell to the lowest in five months at around 14.3m b/d as some processors shut plants for seasonal maintenance. Cumulative apparent demand fell by 3.3% YoY to 14m b/d over the first 11 months of the year, ING’s commodity analyst Ewa Manthey and Warren Patterson note. Cumulative apparent demand falls “The latest data from Baker Hughes shows that the number of active US oil rigs remained unchanged over the week at 482, after rising by five in the preceding week.
” “Weekly positioning data from the Commodity Futures Trading Commission shows that managed money net long position in NYMEX WTI dropped after rising for two consecutive weeks. Money managers trimmed net longs in NYMEX WTI by 12,448 lots over the week to 103,986 lots as of 10 December 2024. On the other hand, exchange data shows that speculators have built fresh longs of 5,349 lots in ICE Brent over the last week, leaving them with 162,273 lots of net long position.
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