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OIL: Crude Holds Near Highest Since Oct as Saudi Raise OSPs

OIL
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Crude futures are holding steady just below the highest since October as Saudi Arabia raised its official selling prices more than expected signalling a potential pick up in demand from Asia.

  • The market continues to expect excess supply in 2025 with demand from China likely to remain soft and non-OPEC supply forecast to rise with the risk OPEC+ decides to begin output normalisation.
  • Saudi Arabia raised its February Arab Light OSP to Asia by $0.6/bbl to +$1.50/bbl for Asia, compared with an increase of between $0.2/bbl and $0.5/bbl expected in a Reuters and Blomberg surveys.
  • A reduction in supplies from Iran and Russian amid western sanction is helping boost Middle East crude demand.
  • The Biden administration plans more sanctions on tankers carrying Russian crude, Reuters sources said, as the US increases pressure on Russia before President-elect Donald Trump takes office on Jan. 20.
  • Diesel and gasoline cracks are relatively stable today after pulling back late last week as the tempering of cold weather forecasts on the East Coast helped to push down diesel prices from a near three-month high.
    • Brent MAR 25 down 0.2% at 76.32$/bbl
    • WTI FEB 25 down 0.2% at 73.79$/bbl
    • Brent MAR 25-APR 25 unchanged at 0.58$/bbl
    • Brent JUN 25-DEC 25 down 0.03$/bbl at 2.07$/bbl
    • US gasoline crack down 0.1$/bbl at 12.18$/bbl
    • US ULSD crack up 0.3$/bbl at 25.06$/bbl
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Crude futures are holding steady just below the highest since October as Saudi Arabia raised its official selling prices more than expected signalling a potential pick up in demand from Asia.

  • The market continues to expect excess supply in 2025 with demand from China likely to remain soft and non-OPEC supply forecast to rise with the risk OPEC+ decides to begin output normalisation.
  • Saudi Arabia raised its February Arab Light OSP to Asia by $0.6/bbl to +$1.50/bbl for Asia, compared with an increase of between $0.2/bbl and $0.5/bbl expected in a Reuters and Blomberg surveys.
  • A reduction in supplies from Iran and Russian amid western sanction is helping boost Middle East crude demand.
  • The Biden administration plans more sanctions on tankers carrying Russian crude, Reuters sources said, as the US increases pressure on Russia before President-elect Donald Trump takes office on Jan. 20.
  • Diesel and gasoline cracks are relatively stable today after pulling back late last week as the tempering of cold weather forecasts on the East Coast helped to push down diesel prices from a near three-month high.
    • Brent MAR 25 down 0.2% at 76.32$/bbl
    • WTI FEB 25 down 0.2% at 73.79$/bbl
    • Brent MAR 25-APR 25 unchanged at 0.58$/bbl
    • Brent JUN 25-DEC 25 down 0.03$/bbl at 2.07$/bbl
    • US gasoline crack down 0.1$/bbl at 12.18$/bbl
    • US ULSD crack up 0.3$/bbl at 25.06$/bbl