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OIL: Crude Edges Higher After Breaking Through Support Levels Yesterday

OIL
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Crude oil prices are moderately higher aided by better risk appetite after breaking through key support levels yesterday. The negative impact of increased trade protectionism and OPEC+ plans to return output from April continues to weigh on prices.

  • The US trade picture remains unclear with some Canadian automakers being exempted from the latest tariffs while reciprocal taxes are scheduled to go ahead from April 2. Mexico is scheduled to announce its retaliatory measures on March 9.
  • Canadian oil producers are making alternative plans with Alberta looking to build a pipeline to the coast so that it can export crude outside North America.
  • US Gulf refiners are placing fewer orders for crude from Mexico even ahead of tariffs with a 17% drop in March loading from February.
  • EIA data yesterday showed US crude inventories rose more than expected by 3.6mbbl driven by a decline in refinery runs and despite a small drop in imports. Refineries cut utilisation to 85.9% to partially reverse the increase seen the previous week. Cushing stocks continued the recover from the low levels earlier in the year.
  • Diesel cracks rebounded late yesterday to reverse previous losses as the market weighs demand concerns and following higher-than-expected US stock draws.
    • Brent MAY 25 up 0.8% at 69.86$/bbl
    • WTI APR 25 up 0.8% at 66.86$/bbl
    • Brent MAY 25-JUN 25 up 0.02$/bbl at 0.42$/bbl
    • Brent JUN 25-DEC 25 up 0.06$/bbl at 1.78$/bbl
    • US gasoline crack down 0.1$/bbl at 23.18$/bbl
    • US ULSD crack up 0.1$/bbl at 27.83$/bbl
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Crude oil prices are moderately higher aided by better risk appetite after breaking through key support levels yesterday. The negative impact of increased trade protectionism and OPEC+ plans to return output from April continues to weigh on prices.

  • The US trade picture remains unclear with some Canadian automakers being exempted from the latest tariffs while reciprocal taxes are scheduled to go ahead from April 2. Mexico is scheduled to announce its retaliatory measures on March 9.
  • Canadian oil producers are making alternative plans with Alberta looking to build a pipeline to the coast so that it can export crude outside North America.
  • US Gulf refiners are placing fewer orders for crude from Mexico even ahead of tariffs with a 17% drop in March loading from February.
  • EIA data yesterday showed US crude inventories rose more than expected by 3.6mbbl driven by a decline in refinery runs and despite a small drop in imports. Refineries cut utilisation to 85.9% to partially reverse the increase seen the previous week. Cushing stocks continued the recover from the low levels earlier in the year.
  • Diesel cracks rebounded late yesterday to reverse previous losses as the market weighs demand concerns and following higher-than-expected US stock draws.
    • Brent MAY 25 up 0.8% at 69.86$/bbl
    • WTI APR 25 up 0.8% at 66.86$/bbl
    • Brent MAY 25-JUN 25 up 0.02$/bbl at 0.42$/bbl
    • Brent JUN 25-DEC 25 up 0.06$/bbl at 1.78$/bbl
    • US gasoline crack down 0.1$/bbl at 23.18$/bbl
    • US ULSD crack up 0.1$/bbl at 27.83$/bbl