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OIL: Crude Continues Weekly Trend Lower

OIL
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Crude futures and time spreads continue to drift lower this week with focus on the risk of a trade war impacting demand while Trump also looks to increase US output.

  • Tighter global supply concerns due to sanctions on Russia and Iran are still providing support as Asian buyers look to non-sanctioned Middle East barrels and driving up shipping costs. Some Asian refineries are looking to reduce output due to narrower margins.
  • EIA US crude inventories are today expected to show a draw of 0.83mbbl and with builds for gasoline and distillates. Canadian producers and US refiners could look to front load supplies ahead of threatened 25% tariffs from February 1.
  • API data yesterday showed a crude stock build of 1mbbl, according to Bloomberg. Gasoline stocks rose 3.2mbbl and distillates rose 1.9bbl.
  • BPCL has booked Russian crude supplies for Jan and Feb but is struggling to secure cargoes for March due to US sanctions, Finance Director said.
  • US refinery capacity has taken a significant hit in January, with over 830kb/d offline due to seasonal maintenance activities, Kpler said. Two Port Arthur refineries lost power to some process units on Jan. 21 due to the winter storm.
    • Brent MAR 25 down 0.4% at 78.65$/bbl
    • WTI MAR 25 down 0.5% at 75.07$/bbl
    • Brent MAR 25-APR 25 down 0.03$/bbl at 0.82$/bbl
    • Brent JUN 25-DEC 25 down 0.05$/bbl at 2.91$/bbl
    • US gasoline crack up 0.2$/bbl at 12.39$/bbl
    • US ULSD crack down 0.1$/bbl at 26.16$/bbl
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Crude futures and time spreads continue to drift lower this week with focus on the risk of a trade war impacting demand while Trump also looks to increase US output.

  • Tighter global supply concerns due to sanctions on Russia and Iran are still providing support as Asian buyers look to non-sanctioned Middle East barrels and driving up shipping costs. Some Asian refineries are looking to reduce output due to narrower margins.
  • EIA US crude inventories are today expected to show a draw of 0.83mbbl and with builds for gasoline and distillates. Canadian producers and US refiners could look to front load supplies ahead of threatened 25% tariffs from February 1.
  • API data yesterday showed a crude stock build of 1mbbl, according to Bloomberg. Gasoline stocks rose 3.2mbbl and distillates rose 1.9bbl.
  • BPCL has booked Russian crude supplies for Jan and Feb but is struggling to secure cargoes for March due to US sanctions, Finance Director said.
  • US refinery capacity has taken a significant hit in January, with over 830kb/d offline due to seasonal maintenance activities, Kpler said. Two Port Arthur refineries lost power to some process units on Jan. 21 due to the winter storm.
    • Brent MAR 25 down 0.4% at 78.65$/bbl
    • WTI MAR 25 down 0.5% at 75.07$/bbl
    • Brent MAR 25-APR 25 down 0.03$/bbl at 0.82$/bbl
    • Brent JUN 25-DEC 25 down 0.05$/bbl at 2.91$/bbl
    • US gasoline crack up 0.2$/bbl at 12.39$/bbl
    • US ULSD crack down 0.1$/bbl at 26.16$/bbl