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OIL: Crude Finds Support From Libya Supply Risks

OIL
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Brent front month has rebounded from a low of $76.3/bbl yesterday with potential disruption to Libya exports weighed against downside risks from US tariffs while President Trump demands more supply from OPEC+ to bring the price of oil down.

  • OPEC+ are expected to maintain the current supply policy at the JMMC meeting next week with a gradual unwinding of cuts from April, according to a Bloomberg survey.
  • Loadings at Libya’s Ras Lanuf and Es Sider ports could halt from Jan. 28 due to the latest demands by protesters, Bloomberg said.
  • Wall Street expects US oil and gas companies to limit spending in 2025, despite Trump’s calls for “drill, baby, drill,” Reuters said.
  • Recent Ukrainian attacks on Russia’s 262kbpd Ryazan refinery have halted operations at the facility Reuters sources report.
  • Sinopec plans to raise crude throughput in Feb. by 100k to 150kb/d from Jan. amid rising travel demand during the Lunar New Year holiday and to offset independent refiner run cuts.
  • Motiva’s Port Arthur 626kb/d refinery shut its 93kb/d FCC and 22k b/d alkylation unit early Jan. 27 for a turnaround delayed from last week.
    • Brent MAR 25 up 0.8% at 77.7$/bbl
    • WTI MAR 25 up 0.7% at 73.7$/bbl
    • Brent MAR 25-APR 25 up 0.08$/bbl at 0.98$/bbl
    • Brent JUN 25-DEC 25 up 0.17$/bbl at 2.81$/bbl
    • US gasoline crack up 0.1$/bbl at 13.36$/bbl
    • US ULSD crack up 0.3$/bbl at 27.7$/bbl
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Brent front month has rebounded from a low of $76.3/bbl yesterday with potential disruption to Libya exports weighed against downside risks from US tariffs while President Trump demands more supply from OPEC+ to bring the price of oil down.

  • OPEC+ are expected to maintain the current supply policy at the JMMC meeting next week with a gradual unwinding of cuts from April, according to a Bloomberg survey.
  • Loadings at Libya’s Ras Lanuf and Es Sider ports could halt from Jan. 28 due to the latest demands by protesters, Bloomberg said.
  • Wall Street expects US oil and gas companies to limit spending in 2025, despite Trump’s calls for “drill, baby, drill,” Reuters said.
  • Recent Ukrainian attacks on Russia’s 262kbpd Ryazan refinery have halted operations at the facility Reuters sources report.
  • Sinopec plans to raise crude throughput in Feb. by 100k to 150kb/d from Jan. amid rising travel demand during the Lunar New Year holiday and to offset independent refiner run cuts.
  • Motiva’s Port Arthur 626kb/d refinery shut its 93kb/d FCC and 22k b/d alkylation unit early Jan. 27 for a turnaround delayed from last week.
    • Brent MAR 25 up 0.8% at 77.7$/bbl
    • WTI MAR 25 up 0.7% at 73.7$/bbl
    • Brent MAR 25-APR 25 up 0.08$/bbl at 0.98$/bbl
    • Brent JUN 25-DEC 25 up 0.17$/bbl at 2.81$/bbl
    • US gasoline crack up 0.1$/bbl at 13.36$/bbl
    • US ULSD crack up 0.3$/bbl at 27.7$/bbl