WTI原油12月合约价格为70.67美元/桶，较11月1日结算价上涨1.18美元/桶，当日合约结算价较前一交易日上升23美分/桶。Saudi Aramco may lower prices of European crude oil to maintain... The US non-farm payroll data was unexpectedly cold, far below...
Due to OPEC+ deciding to delay the supply restoration by a month, Brent crude oil futures prices rose by over $1 per barrel during the early trading session in Asia.
As of 12:00 Beijing time, the price of January Brent crude oil futures contract reached $74.25 per barrel, up $1.15 per barrel from the settlement price on November 1, with a daily settlement price increase of 29 cents per barrel from the previous trading day.
The price of WTI crude oil December futures contract is $70.67 per barrel, up $1.18 per barrel from the November 1 settlement price, with a daily settlement price increase of 23 cents per barrel from the previous trading day.
On November 3, the OPEC Secretariat announced that the 8 OPEC+ member countries originally planning to increase crude oil production from December have decided to postpone the restart of the plan by a month.
These eight countries - Saudi Arabia, Russia, Iraq, the UAE, Kuwait, Kazakhstan, Algeria, and Oman - had previously postponed the resumption of supply plans by two months due to deteriorating economic indicators and concerns about weak oil prices.
Given that these concerns still exist, the group has decided to once again postpone the action to increase global supply by 180,000 barrels per day scheduled for December.
European refiners expect Saudi Aramco to reduce the official pricing of crude oil shipments to Europe in December to maintain competitiveness in the off-peak season. This would be the fourth consecutive month of price reduction, possibly indicating that the Saudi company is maintaining market share in the European market, while European refiners are cutting operational costs due to weak profit margins and seeking destocking before the end of the year.
The market is closely watching the U.S. presidential election on November 5th. The United States added only 12,000 non-farm jobs in October, reflecting the impact of two hurricanes, the Boeing strike, and high borrowing costs leading to a slowdown in recruitment trends.
The unemployment rate remained unchanged at 4.1%, close to the lowest level in fifty years reached at the beginning of 2023, according to a report from the U.S. Department of Labor on November 1st. Last month's growth was significantly lower than the 113,000 forecasted by analysts.
(The above content is from Argus, an independent international energy and commodity price assessment agency)
