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OIL: Crude Holds Gains Awaiting News on Tariff Threats

OIL
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Crude markets are holding onto gains seen yesterday awaiting news from the White House on tariffs for Canada.

  • The threat of tariffs saw prices rally yesterday with President Trump quoted saying “We don’t need the products that Canada have. We have all the oil that you need.” A decision on whether to include crude in tariffs has yet been announced.
  • Valero is well-positioned to find alternative crude sources if the US imposes a 25% tariff on Canadian imports, but this could reduce throughputs by 10%, its COO Gary Simmons said, cited by Argus.
  • Oil flows from Russia’s Baltic Sea port of Ust-Luga appear to be paused following recent drone attacks by Ukraine, Bloomberg said.
  • A fire at Lukoil’s Volgograd refinery after an overnight Ukrainian drone attack has been extinguished.
  • The OPEC JMMC meeting takes place on Feb 3 and the US plan to increase output is to be discussed, according to Kazakhstan’s energy minister. US President Trump has also told the group to increase production to reduce oil prices.
    • Brent APR 25 up 0.4% at 76.23$/bbl
    • WTI MAR 25 up 0.7% at 73.25$/bbl
    • Brent APR 25-MAY 25 up 0.06$/bbl at 0.83$/bbl
    • Brent JUN 25-DEC 25 up 0.03$/bbl at 2.8$/bbl
    • US gasoline crack down 0.1$/bbl at 14.14$/bbl
    • US ULSD crack down 0.2$/bbl at 28.03$/bbl
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Crude markets are holding onto gains seen yesterday awaiting news from the White House on tariffs for Canada.

  • The threat of tariffs saw prices rally yesterday with President Trump quoted saying “We don’t need the products that Canada have. We have all the oil that you need.” A decision on whether to include crude in tariffs has yet been announced.
  • Valero is well-positioned to find alternative crude sources if the US imposes a 25% tariff on Canadian imports, but this could reduce throughputs by 10%, its COO Gary Simmons said, cited by Argus.
  • Oil flows from Russia’s Baltic Sea port of Ust-Luga appear to be paused following recent drone attacks by Ukraine, Bloomberg said.
  • A fire at Lukoil’s Volgograd refinery after an overnight Ukrainian drone attack has been extinguished.
  • The OPEC JMMC meeting takes place on Feb 3 and the US plan to increase output is to be discussed, according to Kazakhstan’s energy minister. US President Trump has also told the group to increase production to reduce oil prices.
    • Brent APR 25 up 0.4% at 76.23$/bbl
    • WTI MAR 25 up 0.7% at 73.25$/bbl
    • Brent APR 25-MAY 25 up 0.06$/bbl at 0.83$/bbl
    • Brent JUN 25-DEC 25 up 0.03$/bbl at 2.8$/bbl
    • US gasoline crack down 0.1$/bbl at 14.14$/bbl
    • US ULSD crack down 0.2$/bbl at 28.03$/bbl