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Crude Gains Ground

OIL

Crude is rising to a new intra-day high, supported by ongoing Houthi threats on vessels in the Red Sea, the escalation in attacks on Russia’s Ust Luga export terminal by Ukraine and a backlog of CPC grade crude tankers amid stormy weather. Front month Brent crude recovered from earlier lows of $77.81/MWh, weighed on by recovering oil output in North Dakota and the restart of Libya’s Sharara field.

    • Brent MAR 24 up 1.1% at 79.44$/bbl
    • WTI MAR 24 up 1.3% at 74.2$/bbl
  • North Dakota’s oil production is further recovering and is estimated to be down by around 250-300kbpd on Monday, compared with 350-400kbpd on Friday according to the pipeline authority.
  • The number of tankers laden with CPC crude that are waiting to cross the Turkish straits decreased over the past weekend amid better weather according to port agent reports and ship- tracking data, after bad weather had delayed the delivery of around 30mn barrels of CPC Blend, data showed on Friday.
  • Libya’s Sharara oil field’s force majeure was lifted on Sunday and oil production and exports are set to restart.
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