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Highlights, ENSO, Economy, SA Crops, Markets & Rain Days Update 12/14/22


The oil tanker traffic jam at the Black Sea entrance to the Dardanelles Strait and access to the rest of the world started to clear yesterday after insurers and the Turkish government reached an agreement over the regulation requiring proof-of-insurance documents. The International Group of P&I Clubs and Turkey officials came to an agreement (pay-off).

US crude oil inventories increased 7.819 million barrels last week after declining four consecutive weeks. The market expected a decline of 3.913 million barrels.

Distillate (heating oil and diesel) inventory increased 3.9 million barrels last week after gaining 3.55 million barrels the previous week.

The US government reported yesterday morning the Consumer Price Index (CPI) increased 0.1% in November, down from 0.4% in October. The market expected an increase of 0.3%.

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