Oil news and market movers: Dislocation between price action and option markets
- Option markets flow and positioning still shows traders are unwinding their bullish bets with OPEC reopening its production in the fall of 2024 and China demand remaining sluggish, Bloomberg reports.
- Kazakhstan will need to compensate for its additional volume of 45,000 Oil barrels per day as it exceeded its agreed production level within OPEC . Hence the country will decrease its coming output quota in order to make good on the surplus it released earlier this year, extended until September 2025, Reuters reports.
- At 14:30 GMT, the Energy Information Administration (EIA) will release the weekly Crude stockpile changes. The previous number was a build of 1.233 million barrels, and a drawdown of 1.55 million expected for this week.
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