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Americas Daily Oil Summary: TMX Completion in May

OIL

The Trans Mountain Pipeline Expansion will be complete by the end of May, with the first waterborne exports from the expanded system starting a month later according to Danielle Smith, the Premier of Alberta said on Tuesday according to Reuters.

  • US oil production will grow to exceed 14m b/d and then plateau, ConocoPhillips CEO said Mach 19, cited by Reuters.
  • GUNVOR SEES 2024 US CRUDE OUTPUT RISING BY MORE THAN 400K B/D - bbg
  • CHEVRON ON TRACK FOR 1M BOE/D PERMIAN PRODUCTION BY 2025: CEO -bbg
  • TotalEnergies were raising production on its CDU, coker and FCC at its 238,000 bpd Port Arthur, Texas refinery on Monday according to Reuters sources.
  • Mexico’s President Andre Manuel Lopez Obrador said his nation will continue to support state oil producer Pemex.
  • USD: Although off it’s session highs, the USD index has extended the recovery that began late last week, rising 0.26% at typing, and looking set to extend its streak of consecutive winning days to 4. Greenback strength has been driven on Tuesday by a strong USDJPY rally in the aftermath of the BOJ decision. USDJPY is currently up 1.17% and stands at fresh four-month highs around 150.90.
  • White House Press Secretary Karine Jean-Pierre has told reporters that a senior US interagency team composed of military, intelligence, and humanitarian officials will hold a meeting with Israeli counterparts in Washington "early next week" to discuss an upcoming Israeli military operation in Rafah.

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