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Crude Steadies After 2% Rally Yesterday

OIL
StoryEnergy BulletsCommodities

Front month crude prices are steady and holding onto Wednesday’s 2% gains as firm near term demand and larger than expected US oil product stock draws are weighed against global economic growth concerns.

  • OPEC MOMR kept its world oil demand growth forecast stable at 1.45m b/d for 2025 but showed that its February output exceeded targets due to Kazakhstan significantly exceeding its quota. The IEA publishes its monthly oil report later today.
  • Kazakhstan has agreed with international oil companies to cut output in the near future however loading programs for Caspian CPC Blend are expected to remain near record highs next month.
  • Oil markets have been concerned about the impact of increased protectionism on global growth with threats of further tariffs on EU goods. Europe and Canada said they would retaliate for the US’s import duties on steel and aluminium.
  • EIA data showed a bigger than expected draw of 5.7mbbl in US gasoline stocks and higher weekly implied demand. US crude inventories rose roughly in line with expectation by 1.45mbbl with an increase in refinery runs and drop in exports back to 3.29mbpd.
  • Gasoline cracks gained some ground yesterday with support from the EIA data but diesel cracks pulled back amid tariff related demand concern.
    • Brent MAY 25 up 0.1% at 71.01$/bbl
    • WTI APR 25 up 0% at 67.7$/bbl
    • Brent MAY 25-JUN 25 up 0.01$/bbl at 0.51$/bbl
    • Brent JUN 25-DEC 25 up 0.02$/bbl at 2.27$/bbl
    • US gasoline crack up 0.1$/bbl at 22.76$/bbl
    • US ULSD crack down 0.1$/bbl at 24.94$/bbl
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Front month crude prices are steady and holding onto Wednesday’s 2% gains as firm near term demand and larger than expected US oil product stock draws are weighed against global economic growth concerns.

  • OPEC MOMR kept its world oil demand growth forecast stable at 1.45m b/d for 2025 but showed that its February output exceeded targets due to Kazakhstan significantly exceeding its quota. The IEA publishes its monthly oil report later today.
  • Kazakhstan has agreed with international oil companies to cut output in the near future however loading programs for Caspian CPC Blend are expected to remain near record highs next month.
  • Oil markets have been concerned about the impact of increased protectionism on global growth with threats of further tariffs on EU goods. Europe and Canada said they would retaliate for the US’s import duties on steel and aluminium.
  • EIA data showed a bigger than expected draw of 5.7mbbl in US gasoline stocks and higher weekly implied demand. US crude inventories rose roughly in line with expectation by 1.45mbbl with an increase in refinery runs and drop in exports back to 3.29mbpd.
  • Gasoline cracks gained some ground yesterday with support from the EIA data but diesel cracks pulled back amid tariff related demand concern.
    • Brent MAY 25 up 0.1% at 71.01$/bbl
    • WTI APR 25 up 0% at 67.7$/bbl
    • Brent MAY 25-JUN 25 up 0.01$/bbl at 0.51$/bbl
    • Brent JUN 25-DEC 25 up 0.02$/bbl at 2.27$/bbl
    • US gasoline crack up 0.1$/bbl at 22.76$/bbl
    • US ULSD crack down 0.1$/bbl at 24.94$/bbl