30
Nov

Wrap – Week Ended 11/29/24

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The ZLT was off 3.3% on the week last week with oil down nearly 5% on a ceasefire for Lebanon, a neutral looking weekly from EIA, and a four day delay in the OPEC+ meeting (now December 5th).  Products fell more than oil yielding a near 2024 low for cracks.  Natural gas rallied on colder weather and the thought of bigger draws in December.  EOS fell within our range from spring 2024 and our trough for spring 2025 is above consensus but still construcitve given demand trends for power burn and exports. Producer discipline remains key.

 

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Enjoy the long weekend,

Z

One Response to “Wrap – Week Ended 11/29/24”

  1. 1
    zman Says:

    Crude trading flat early with OPEC+ on Thursday.

    NG down 5% tonight on warm front in the west.

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