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On Monday, January WTI crude oil (CLF26) closed down $1.20 (-2.00%) at $58.80 per barrel, while January RBOB gasoline (RBF26) fell by $0.0360 (-1.96%) to $1.80 per gallon, marking a 1.5-week low for gasoline prices. The decline is attributed to the strength of the dollar and a weak stock market impacting economic confidence and energy demand.
Crude prices, however, are supported by ongoing restrictions on Russian energy exports, with Vortexa reporting a significant drop in Russia’s oil product shipments to 1.7 million barrels per day (bpd) in the first half of November, the lowest in over three years. Meanwhile, OPEC+ plans to pause production increases during Q1 2026, with predicted global oil supply to exceed demand, presenting a surplus of 500,000 bpd for Q3.
The U.S. crude oil production as of November 28 remains stable at 13.815 million bpd, slightly below the record high of 13.862 million bpd reached earlier in the month. Additionally, the Baker Hughes report indicated that the number of active U.S. oil rigs rose by 6, bringing the total to 413 rigs, recovering from a recent low.
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