France's Finance Minister Lescure says strategic oil reserves are ready to use to stabilise oil market; G7 not there yet on releasing oil stockpiles
Newsquawk Staff ·
France's Finance Minister Lescure says strategic oil reserves are ready to use to stabilise oil market; G7 not there yet on releasing oil stockpiles.
What it means
France's Finance Minister Lescure highlighting readiness to use strategic oil reserves signals a proactive stance on stabilizing the oil market amidst volatility. However, the G7's hesitation to coordinate a release of stockpiles suggests a fragmented response to supply pressures, which may influence market sentiment and pricing for WTI and other commodities, potentially elevating risk in energy markets.
- US Weekly Private Energy Inventory Data (bbls): Crude -2.0mln (exp. +0.5mln), Gasoline +2.4mln (exp. -1.3mln), Distillate +0.4mln (exp. -0.9mln), Cushing -0.5mln
- CRUDE WRAP: WTI (Z6) SETTLES USD 1.86 LOWER AT 99.90/BBL; BRENT (F7) SETTLES USD 1.33 LOWER AT 109.41/BBL
- Russian refineries’ crude processing up 25% since drone attacks stopped in mid-October, according to reports, citing sources
- US President Trump says believes I will visit tanker in Texas with Venezuela oil; thinks Secretary of State Rubio will be with him; we are going to accept 1mln bbls of Venezuelan oil
- Russian Deputy PM Novak says domestic refineries are bringing units back online very quickly following maintenance. Russia and the US could begin cooperating on Arctic LNG projects
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