Crude oil inventories in the United rose by 499,000 barrels for the week ending November 29, according to The American Petroleum Institute (API). Analysts had expected a draw of 1.30 million barrels.
Preliminary estimates see the November CPI reading at 2.7%, which would be a slight increase on October’s 2.6%. Core inflation for November is seen at 3.3% on an annual basis—for the fourth month in a row. These figures might make a new rate cut decision a bit problematic but media reports suggest that market players overwhelmingly expect that decision.
Orsted, a Danish company, announced on Wednesday that it had agreed to sell to Taiwanese Cathay Life Insurance a 50% share in its Greater Changhua 4 off-shore wind farm for approximately 11.6 billion Danish crowns (1.64 billion dollars).
Orsted is building the 920 megawatt offshore wind farms Greater Changhua 2, 3 and 4. The company expects to complete the project by 2025.
“With refinery retirements already announced and rising production, fewer imported barrels will be needed while exports are likely to tick higher with greater crude availability,” said Matt Smith, Kpler lead Americas oil analyst.
Many lithium mines, led by Chinese operators, are maintaining production of the raw material needed for electric vehicle (EV) batteries, in defiance of prices weak enough to trigger mass output cuts – providing a boon for battery makers.
“While past efforts have focused on sectors like electric vehicles and infrastructure, there are expectations that China may shift toward policies to boost consumer spending,” said Li Xing Gan, financial markets strategist consultant to Exness.
Russia halted gas supplies to Austria’s OMV (OMVV.VI), opens new tab in mid-November amid a contractual dispute and legal wranglings related to interrupted gas supplies in 2022.
Despite the stoppage, overall Russian gas exports via Ukraine, which account for just under half of Moscow’s total gas flows to the continent, have remained stable as other buyers stepped in.
Expectations for a weaker dollar in 2025-2026 are being gradually reconsidered as Donald Trump’s re-election and the prospect of stronger-than-expected US economic performance improved the outlook of the greenback.
Cuba has increasingly been falling into an energy crisis, which has plunged its citizens into darkness with uncertainty over the future of the country’s energy security. The most recent crisis commenced on the 17th of October when non-essential workers were ordered to go home to help reduce the demand for power. However, this attempt failed and one of Cuba’s main power stations, Antonio Guiteras, shut down, alongside several other facilities.
The new President has long made his dislike well known — privately and/or publicly — of the OPEC organisation, of several Saudi Arabian policies, and of China’s increased influence over both. In Saudi Arabia’s case, this effectively stems from the breaking of the core agreement made between it and the U.S. on 14 February 1945 between the then-U.S. President, Franklin D. Roosevelt, and the then-Saudi King, Abdulaziz bin Abdul Rahman Al Saud.