- Oil is trading higher today, around $76.70, but is heading for a third consecutive weekly decline
- The WTI prompt spread flipped into contango for the first time since July as the front of the curve softens
- Banks see Saudi supply cut extending into 2024 (BBG)
- Analysts at UBS, FGE, Commerzbank, Eurasia Group, and RBC view the extension of Saudi Arabia’s 1 MMBbl/d supply cut into 2024 as increasingly likely
- Commerzbank said an extension “is now very probable, given that the oil market would otherwise risk seeing a high supply surplus in the first half of next year”
- OPEC is set to meet on November 26 to decide the future of their supply strategy going into 2024
- Court upholds Alaska drilling project (BBG)
- A federal judge has upheld the Biden Administration’s approval of ConocoPhillips Willow oil project
- The 180 MBbl/d project has been challenged by environmental groups since it was approved by the Interior Department in March
- Equipment for the project is currently being fabricated at facilities in the US Gulf Coast, and ConocoPhillips is expecting to resume on-site work in Alaska next month