Americas Daily Oil Summary: US Seeking 3m bbl for SPR

The US is seeking up to 3 bbl of sour crude for the strategic petroleum reserve, according to a notice by the US Department of Energy.

• US SPR crude oil inventories rose by around 1.1mbpd last week to 354.4mn barrels as of 29 December, DOE data showed.
• Arrivals of European gasoline into the USA rose to a three-month high in the seven days to Dec. 28, according to Bloomberg.
• Venezuelan crude oil exports rose to a four-year high in 2023, averaging 515k b/d, up 17% on the year.
• Exports of Mexican crude oil rebounded in 2023 to 1.09m b/d in 2023, up 13% on the year. Rising volumes of medium sour Isthmus oil counter declines in exports of Maya crude, according to Bloomberg.
• The US dollar continued its 2024 advance on Wednesday, with the USD index (+0.42%) gradually rising throughout the session. Dampened sentiment in equity markets continues to underpin the greenback bid, with the strength most notable against the Japanese Yen.
• Atlanta Fed GDPNow Index Rises to 2.51% From 2.26% for Q4. Revisions from yesterday's update come from personal consumption (from 2.4% to 2.9%) and private domestic investment (from-0.4% to +0.5%).
• US State Department Spokesperson Matthew Miller, briefing reporters in Washington, has denied that the US was involved in today's terrorist attack in Iran which killed over 100 people at the grave site of Iranian general Qassem Soleimani.