Reuters reporting that Asian refiners have already enquired for oil shipments from North America
The article notes that the biggest increase in exports to Asia have come from the US, thanks to shale oil drillers.
It says that there are enquiries from Asia on oil shipments from the Gulf of Mexico, and the wider Caribbean, especially the US and Mexico.
"There have been many enquiries from Asia for oil tanker shipments from the Gulf of Mexico and Caribbean. Now that we know OPEC's cuts will be extended, these enquiries are being turned into orders".
Yesterday, OPEC and Russia came to a decision to extend production cuts to all of 2018. However, that hardly sparked a move in oil as the market had already expected that decision to be the norm outcome. Brent and crude are slightly higher on the day so far this morning.
Brent trading at $62.97, up 0.54%. Meanwhile, crude is at $57.60, up 0.35%.
Seasonally, December has offered a mix picture for oil - compared to the summer lull that usually hits around July - September. So far this year, oil has made a strong recovery after being down for most of the first half. The last 3 months have seen it recover strongly.
Since 2008, out of the last five times WTI posted gains in November, it has also followed that up with a gain in December four times - if you want to look at correlation that is.
I would keep this in my back pocket for January instead. As we hit January next year, we'll be able to see that oil has been down 8 out of the last 10 years on the first month. That's something to keep in mind if you're going to trade the commodity over the next few months.
