Oil markets continue to face negative sentiment due to oversupply and weak demand signals. Brent crude trades at $63.10/bbl, while WTI is at $58.70/bbl. ICE Gasoil-Brent crack drops to ~$26/bbl. Market focus remains on supply-side dynamics and the potential ceasefire in Russia’s war in Ukraine.

China increases Russian crude imports to 2.15 mb/d, stockpiling over 1 million barrels per day. Rystad Energy estimates China has stockpiled nearly 160 million barrels in 2025. The country is expected to continue stockpiling through 2026, driven by strategic concerns and low oil prices.

US designates Cartel de los Soles as a foreign terrorist organization, targeting Venezuela’s vast oil reserves. Venezuelan oil production has risen to 1 mb/d but faces challenges in reaching peak production due to sanctions, underinvestment, and shortages in equipment and labor.

European natural gas prices soften, with TTF contract settling below EUR 30/MWh. US gas prices rally to $4.6/MMBtu on falling inventories and higher demand expectations. U.S. LNG exports rise to a record 18 bcfd in November, supporting prices.

Read more at Yahoo Finance: Oil Markets Lackluster Amid Russia Peace Deal, China’s Stockpiling