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Crude Gains on Rising Middle East Tensions

OIL

Crude is gaining ground to reverse some of the decline seen late last week with rising tensions in the Middle East. Iran have sent a warship to the Red Sea after three Houthi boats sunk as the US responded to further vessel attacks over the weekend.

    • Brent MAR 24 up 1.9% at 78.47$/bbl
    • WTI FEB 24 up 1.7% at 72.84$/bbl
    • Gasoil JAN 24 up 1.5% at 762.25$/mt
    • WTI-Brent down -0.21$/bbl at -5.41$/bbl
  • Maersk has again suspended all Red Sea transit with ships diverted around southern Africa in response to the latest Houthi attack.
  • Upside remains limited due to strong non OPEC production and scepticism towards OPEC+ member commitment to output cuts. Global economic uncertainty, especially from China, adds to the downside pressure with weaker than expected official factory data and with President Xi Jinping flagging economic headwinds.
  • China has today issued the second batch of crude import quotas for private refiners of 183.69m tons according to JLC. The majority of refiners got their full year volumes for 2024 with the total 0.1% below allocations for 2023.
    • Brent MAR 24-APR 24 up 0.02$/bbl at 0.15$/bbl
    • Brent JUN 24-DEC 24 up 0.1$/bbl at 1.74$/bbl
  • Diesel and gasoline cracks are edging higher with gasoline supported by a recent recovery in US demand and diesel finding some support with inventories still below normal and after the trend lower during Nov and Dec amid concern for soft demand.
    • US gasoline crack up 0.7$/bbl at 17.48$/bbl
    • US ULSD crack up 0.9$/bbl at 35.49$/bbl
Energy BulletsCommodities
Energy BulletsCommodities

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