Americas Daily Oil Summary: Vista Boosts Vaca Muerta Output

Mexican firm Vista Energy said Feb. 16 that its proven reserves at the Vaca Muerta shale formation in Argentina increased by 27% in 2023 while daily production grew by 14% in Q4, according to Reuters.

• Vista is Argentina’s second largest shale producer behind YPF and recorded proven reserves of 318.5m boe as of Dec. 31.
• In the US, BP’s Whiting, Indiana, refinery will take at least until the end of February to restore normal operations after the power loss on 1 February.
• Workers represented by the Teamsters union at Marathon Petrolum’s 140kbpd Detroit refinery have voted to authorize strike action, the union said on Thursday.
• OCCIDENTAL CEO SAYS PERMIAN EOR "HUGE PART" OF OIL STRATEGY - bbg
• USD: The Bloomberg dollar spot index is down 0.3% on the day to 1244.43, with pressure coming from weaker US retail sales data. The data prompted optimism around potential Fed rate cuts. The weakening dollar also provided a boost to WTI crude prices on the day, up around 1.9%.
• US retail sales came in weaker than expected in January's advance estimates, with the headline figure printing -0.8% M/M (vs -0.2% survey, 0.4% prior revised down from 0.6%).
• Initial jobless claims recorded a seasonally adjusted 212k (cons 220k) in the week to Feb 10. Prior week's data saw a minor upward revision to 220k from 218k prior.
• Industrial production missed expectations in January, falling by -0.1% M/M (0.2% cons), alongside December's figures being revised downward to 0.0% (vs +0.1% unrevised).