Oil news and market movers: US market surplus
- The International Energy Agency (IEA) has warned that for 2025, a surplus of more than 1 million barrels per day will be taking place, Bloomberg reports.
- Physical prices of WTI Midland at the Magellan East Houston rose to the highest since the end of September after Kazakhstan and Norway shut production for unplanned repairs, Bloomberg reports.
- The American Petroleum Institute (API) is set to release its weekly Crude stockpile change numbers for the week ending November 15. The forecast is for a build of 0.8 million barrels against the drawdown of 0.777 million the previous week.
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