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Crude Holds Just Above Low for the Week

OIL
StoryEnergy BulletsCommodities

Crude oil prices are little changed today but near the low for the week of $76.3/bbl after falling around a percent on Wednesday as the US Fed left rates on hold and US crude inventories rose. 

  • US commerce secretary appointee Lutnick said that 25% tariffs against Mexico and Canada which are due to be introduced on February 1 can still be avoided. The White House Press Secretary said on Jan. 28 that the deadline for applying the tariffs still stands.
  • The OPEC JMMC meeting takes place on February 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. OPEC has previously delayed plans to return voluntary cuts from October and currently planned from April.
  • US crude inventories increased 3.46mbbl last week driven by a drop in refinery runs and lower exports due to cold weather and turnarounds. Refinery utilization fell more than expected by 2.4% to 83.5%.
  • Russian western port oil loadings are expected to fall 8% to around 1.6m b/d in February, Reuters as US sanctions impact exports.
  • Diesel cracks rallied yesterday supported by a larger-than-expected inventory drawdown and higher demand due to the cold weather.
    • Brent MAR 25 down 0.2% at 76.46$/bbl
    • WTI MAR 25 down 0.1% at 72.54$/bbl
    • Brent MAR 25-APR 25 up 0.02$/bbl at 0.99$/bbl
    • Brent JUN 25-DEC 25 down 0.04$/bbl at 2.62$/bbl
    • US gasoline crack down 0.1$/bbl at 13.56$/bbl
    • US ULSD crack up 0$/bbl at 27.63$/bbl
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Crude oil prices are little changed today but near the low for the week of $76.3/bbl after falling around a percent on Wednesday as the US Fed left rates on hold and US crude inventories rose. 

  • US commerce secretary appointee Lutnick said that 25% tariffs against Mexico and Canada which are due to be introduced on February 1 can still be avoided. The White House Press Secretary said on Jan. 28 that the deadline for applying the tariffs still stands.
  • The OPEC JMMC meeting takes place on February 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. OPEC has previously delayed plans to return voluntary cuts from October and currently planned from April.
  • US crude inventories increased 3.46mbbl last week driven by a drop in refinery runs and lower exports due to cold weather and turnarounds. Refinery utilization fell more than expected by 2.4% to 83.5%.
  • Russian western port oil loadings are expected to fall 8% to around 1.6m b/d in February, Reuters as US sanctions impact exports.
  • Diesel cracks rallied yesterday supported by a larger-than-expected inventory drawdown and higher demand due to the cold weather.
    • Brent MAR 25 down 0.2% at 76.46$/bbl
    • WTI MAR 25 down 0.1% at 72.54$/bbl
    • Brent MAR 25-APR 25 up 0.02$/bbl at 0.99$/bbl
    • Brent JUN 25-DEC 25 down 0.04$/bbl at 2.62$/bbl
    • US gasoline crack down 0.1$/bbl at 13.56$/bbl
    • US ULSD crack up 0$/bbl at 27.63$/bbl