VIENNA, 11 Dec. - (ANA) - In November, the OPEC Reference Basket (ORB) value dropped by 74¢/b, month-on-month (m-o-m), to average $64.46/b. The ICE Brent front-month contract dropped in November by 29¢/b, m-o-m, to average $63.66/b, and the NYMEX WTI front-month contract dropped by 59¢/b, m-o-m, to average $59.48/b. 

 

The GME Oman front-month contract dropped by 41¢/b, m-o-m, in November, to average $64.53/b. The Brent–WTI front-month spread averaged $4.18/b in November, up by 30¢/b, m-o-m. The backwardation structures of ICE Brent and GME Oman futures contracts were little changed, m-o-m, in November. 

 

This indicates that, despite speculative activity in the futures market, near-term physical crude market fundamentals remained supportive, amid relatively low OECD stock levels. The forward curve of NYMEX WTI flattened, m-o-m, with the nearest time spread narrowing. Hedge funds and other money managers maintained a broadly bearish stance in November, reinforcing downward pressure on the oil futures complex.   - (ANA) -

 

AB/ANA/11 December 2025 - - -