- Oil is trading higher today but is heading for a weekly loss
- Today is the last trading day of 2023, with oil finishing the year lower
- Yesterday, the EIA reported a 7.1 MMBbl inventory draw, leaving US crude inventories about 1% below the five-year average
- US attempts to reassure Red Sea shippers (BBG)
- The US military is trying to reassure shipping companies that the maritime coalition is making it safe to use the Red Sea
- The Pentagon said that it is “engaged with industry on a near-daily basis to gauge needs and provide reassurance that the international community is there to help with safe passage”
- Shipping through the Red Sea has been reduced by about 50% following the start of attacks on vessels by Houthi Rebels based in Yemen
- Maersk is preparing to resume shipping in the area but said the overall risk is not yet eliminated