- Oil slips as OPEC+ weighs accelerated supply return
- The WTI prompt-month contract fell $1.29 to $62.16/Bbl Tuesday morning (7:45 AM CT)
- OPEC+ is preparing to advance its latest round of supply hikes in three monthly tranches of about 500 MBbl/d each to recapture market share
- Saudi Arabia and partners will review the expedited return of the remaining 1.66 MMBbl/d tranche at the October 5 meeting
- ING’s Warren Patterson said the balance sheet shows additional supply is not needed with the IEA already forecasting record oversupply next year
- Bloomberg reported the prompt-spread for Abu Dhabi’s Murban crude slipped into its widest contango this year signaling growing supply
- RBC’s Brian Leisen said oil-on-water volumes are 170 MMBbls higher than last year with seaborne markets across multiple regions looking long on supply
- Leisen added that China has not been a catch all buyer heading into the fourth quarter
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