Core Insights - The oil market is experiencing a build-up in speculative positions, which may undermine future prices of Brent and WTI as they remain below their 100-day moving average for the longest period in over a year [1] Market Positioning - Open interest in ICE Brent has reached a record high of 5.5 million contracts, with investors favoring Dec 2026 contracts, indicating a desire to hedge against potential oversupply next year [2] - Hedge funds have increased their short positions on crude, with ICE Brent recording the highest number of shorts at 174,703 contracts as of the week ending December 2 [3] Company Developments - ExxonMobil has raised its 2030 production guidance by 100,000 barrels per day to 5.5 million barrels of oil equivalent per day, revising its Permian Basin supply upwards [4] - Equinor announced two new gas and condensate discoveries in the North Sea, potentially containing up to 110 million barrels of oil equivalent [4] - Vitol has secured a deal with Colombia to supply gas to a new import terminal in Barranquilla, with the contract lasting five years starting in 2027 [5] - Chevron plans to participate in Nigeria's upcoming licensing round, offering 50 prospective blocks and deploying a drilling rig in 2026 to enhance its West African exploration [6] - Antero Resources is acquiring the producing gas assets of HG Energy for $2.8 billion, expanding its portfolio in the Appalachian Basin [6] Market Trends - Oil prices are currently fluctuating, with a recent supply scare from Iraq proving to be short-lived; market speculation is focused on Ukraine peace talks and US Federal Reserve policy [7] - ICE Brent prices are hovering around $63 per barrel, with potential temporary upside from the Fed's upcoming meeting, though a fundamental shift in the current market stalemate is unlikely [7]