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Crude futures snap a two-session winning streak as concerns about next year’s supply and demand outlook keep a lid on geopolitically driven rallies.
The market is “recycling narratives as we try to figure out what a Trump administration really means,” says Rebecca Babin, senior energy trader at CIBC Private Wealth US. Higher risk in Ukraine is countered by Iran, better data out of China met by weaker U.S. data, Babin says.
“There’s this push-pull in the market, but the medium-term bias is very bearish and rallies are more likely to be sold that bought in my view. The overarching theme is that the market looks oversupplied in 2025 and it will take a lot to shift that.”
WTI for December goes off the board at $68.87 a barrel, down 0.7%, and Brent falls 0.7% to $72.81 a barrel.