Nov. 14 at 4:32 PM
Russian oil port of Novorossiysk (Russia's largest Black Sea port) suspended oil exports on Friday, following a major Ukrainian attack on the port overnight. Ukraine hit the oil depot & a docked ship, restricting some 2.2Mbpd of supply as the CPC terminal stopped loading, too.
5 of India's largest oil refiners have made no purchases of Russian crude for December delivery, instead turning to Saudi Arabia, UAE & Iraq for crude
Barclays: We do not see a peak in oil demand on the horizon any time soon, a sharp reduction in Russian exports could push Brent above
$85/bbl (vs 2026 f/cast of
$66/bbl)
EIA: US oil output will avg 13.59Mbpd in the current year & only decline marginally to 13.58Mbpd in 2026, up from its earlier f/casts of a steeper decline to 13.53Mbpd in 2025 & 13.51Mbps in 2026 w/ global oil supply outpacing fuel demand. Sees global crude oil stocks rising from 2.93B barrels in 4Q25 to 3.18B barrels by 4Q26
Trump Admin makes 1st SPR buy of 900K barrels at
$62/bbl
$USO $XLE $XOP $OIH