- WTI is down 80c to $40.32/Bbl, and Brent is down 72c to $42.81/Bbl
- Libya's oil output has reached 1.145 MMBbl/d, according to the state's NOC
- The 1.055 MMBbl/d increase since September, at which point Libya was only producing 90 MBbl/d, has weighed on prices
- The output growth rate should dissipate as the final field may require investments to repair infrastructure that may have been damaged during the civil war. The increase in Libya production could cause OPEC to tailor its output quotas to account for the surplus barrels
- The ongoing spike in coronavirus cases globally adds to demand woes
- Portugal and Hungary were the two most recent European countries to impose some form of lockdowns. Motorway traffic is down 50% in some European countries. Japan and South Korea are also seeing a spike in cases
- The U.S. shattered another record for new coronavirus infections for the seventh time in the last nine days. Eighteen states reported a record number of hospitalizations, and the numbers continue to worsen
- The oil market received mixed news on the EIA's crude inventory report released on Wednesday
- The EIA reported a build of (+) 4,277 MBbls for the week ending November 6, well above the estimate of a (-) 872 MBbls draw
- Inventories for the U.S. are now at a surplus of 41.924 MMBbls to last year and a surplus of 33.60 MMBbls to the five-year average
- AEGIS notes yesterday's stats were not entirely bearish, with gasoline and distillate inventories drawing down (-) 2,309 MBbls and (-) 5,355 MBbls, respectively