- WTI is down 8c to $39.07/Bbl, and Brent is down 1c to $41.22/Bbl
- Oil is trading 0.5% lower this morning as election uncertainty weighs on the markets
- The EIA reported a surprise draw for the week ending October 30
- OPEC President hints of possible output hike delay, as leaders of the cartel push for an extension of cuts
- The market received supportive data reported by the EIA on Wednesday
- The EIA reported a surprise draw of (-) 7,998 MBbls for the week ending October 30, well below the estimate of a (+) 581 MBbls build
- Inventories for the US are now at a surplus of 45.576 MMBbls to last year and a surplus of 33.79 MMBbls to the five-year average
- Biden needs six more electoral votes to hit 270 as the numbers currently stand (Bloomberg)
- Although Biden is closing in on the 270 electoral votes to win the presidency, incumbent Donald Trump has called for a recount or filed a lawsuit in key battleground states Wisconsin, Michigan, Pennsylvania, and Georgia
- With the likelihood of a democrat-controlled house dwindling, Biden may be forced to scale back proposals to remove subsidies for oil producers.
- Russia, Saudi Arabia publicly pressed fellow members into prolonging the current oil supply cuts
- The group is slated to return 2 MMBbl/d of production starting in January. Algeria was the first country to come out and publicly support the cut extensions
- The call for cut extensions comes as coronavirus cases continue to mount globally, decimating hopes of a quick oil demand recovery. If more lockdowns are imposed, further demand destruction is all but certain
- Norway will export 1.64 MMBbl/d next month, a 0.131 MMBbl/d increase from November (Bloomberg)
- An export number of 1.64 MMBbl/d would be the countries highest since at least 2012