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AMERICAS OIL: Americas End-of-Day Summary: Crude Sells Off

AMERICAS OIL
USEnergy BulletsNorth AmericaBulletCommodities

January 14 - Americas End-of-Day Oil Summary: US Crude Sells Off Following Spike Due to Latest US Sanctions on Russia

  • WTI crude oil futures took profits Tuesday off the rally triggered by the Biden administration’s imposition of sanctions on Russia and as a Gaza ceasefire appeared to be close at hand, though refined product cracks started to spike on news that Colonial Pipeline had shut Line 1.
  • Colonial Pipeline’s Line 1 was shut down for 12 hours. It transports 1.5mbd of gasoline between Houston, Texas, and Greensboro, North Carolina. This was on a gasoline-only part of the line though other products are transported by Colonial. The likely impact is marginal if the closure is limited to 12 hours, however, beyond that there could be product price implications in PADD 1 and possibly PADD 2.
  • A WSJ survey indicated crude stocks fell 1.1m bbl in the week ended Jan 10 when EIA issues its weekly EIA report on Wednesday. Gasoline stocks are seen up 1.9m bbl and distillate stocks are seen up 100k bbl.
  • The NOAA 6–14-day outlook retains below normal temperatures across a wide swath of the country now with parts of California forecast milder.
  • WTI Feb futures were down 1.5% at $77.63
  • WTI Mar futures were down 1.0% at $76.50
  • RBOB Feb futures were up 0.3% at $2.11
  • ULSD Feb futures were down 0.2% at $2.53
  • EIA issued its January Short-Term Energy Outlook, cutting its forecast for global oil demand in 2025 by around 0.2m b/d to 104.1m b/d. WTI spot is forecast to average $70.31/b in 2025, down $1.19/b on the December forecast. WTI for 2026 has been forecasted at $62.46/b.
  • The WSJ reported President-elect Trump is preparing a set of energy-related executive orders to be signed after he is sworn in to unwind Biden’s rules on drilling on federal lands, tailpipe emissions and LNG exports approval.
  • While gasoline cracks were supported by the Colonial Pipeline news, diesel cracks were also supported by rising US heating demand and Russian sanctions.
  • US Secretary of State Blinken said a Gaza ceasefire is ready to be concluded and implemented if Hamas agrees to the conditions of the framework. He added the Palestinian Authority should invite partners to establish and run an interim administration in Gaza.
  • Pemex’ Deer Park, Texas, refinery reports an oil sheen was observed in the Houston Ship Channel.
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January 14 - Americas End-of-Day Oil Summary: US Crude Sells Off Following Spike Due to Latest US Sanctions on Russia

  • WTI crude oil futures took profits Tuesday off the rally triggered by the Biden administration’s imposition of sanctions on Russia and as a Gaza ceasefire appeared to be close at hand, though refined product cracks started to spike on news that Colonial Pipeline had shut Line 1.
  • Colonial Pipeline’s Line 1 was shut down for 12 hours. It transports 1.5mbd of gasoline between Houston, Texas, and Greensboro, North Carolina. This was on a gasoline-only part of the line though other products are transported by Colonial. The likely impact is marginal if the closure is limited to 12 hours, however, beyond that there could be product price implications in PADD 1 and possibly PADD 2.
  • A WSJ survey indicated crude stocks fell 1.1m bbl in the week ended Jan 10 when EIA issues its weekly EIA report on Wednesday. Gasoline stocks are seen up 1.9m bbl and distillate stocks are seen up 100k bbl.
  • The NOAA 6–14-day outlook retains below normal temperatures across a wide swath of the country now with parts of California forecast milder.
  • WTI Feb futures were down 1.5% at $77.63
  • WTI Mar futures were down 1.0% at $76.50
  • RBOB Feb futures were up 0.3% at $2.11
  • ULSD Feb futures were down 0.2% at $2.53
  • EIA issued its January Short-Term Energy Outlook, cutting its forecast for global oil demand in 2025 by around 0.2m b/d to 104.1m b/d. WTI spot is forecast to average $70.31/b in 2025, down $1.19/b on the December forecast. WTI for 2026 has been forecasted at $62.46/b.
  • The WSJ reported President-elect Trump is preparing a set of energy-related executive orders to be signed after he is sworn in to unwind Biden’s rules on drilling on federal lands, tailpipe emissions and LNG exports approval.
  • While gasoline cracks were supported by the Colonial Pipeline news, diesel cracks were also supported by rising US heating demand and Russian sanctions.
  • US Secretary of State Blinken said a Gaza ceasefire is ready to be concluded and implemented if Hamas agrees to the conditions of the framework. He added the Palestinian Authority should invite partners to establish and run an interim administration in Gaza.
  • Pemex’ Deer Park, Texas, refinery reports an oil sheen was observed in the Houston Ship Channel.