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OIL: Crude Ticks Higher Ahead of US CPI, EIA Data & Industry Reports

OIL
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Oil markets are ticking higher today after drifting down from a high earlier this week ahead of the US CPI and industry reports from IEA and OPEC released later. Another expected draw in US crude inventories adds support to tighter supply risks due to the US sanctions on Russia announced last week.

  • EIA US crude inventories are today expected to show a draw of 0.67mbbl and with builds for gasoline and distillates. API data yesterday showed a crude stock draw of 2.6mbbl, according to Bloomberg. Gasoline stocks rose 5.4mbbl and distillates rose 4.9bbl.
  • The EIA has cut its forecast for global oil demand in 2025 by around 0.2mb/d to 104.1mb/d, according to its January Short-Term Energy Outlook. This puts 2025 in a supply surplus of 0.3mb/d, while 2026 is forecast to see a surplus of 0.7mb/d.
  • Repairs at Kazakhstan’s major Tengiz oil field are completed and should return to full output on Jan. 18, the Kazakh Energy Ministry said.
  • The Wall Street Journal reports that President-elect Donald Trump is preparing a set of energy-related executive orders, to sign upon his inauguration on January 20, that would unwind Biden administration rules on offshore/onshore drilling on federal lands, tailpipe emissions, and LNG exports approval.
  • US gasoline cracks jumped yesterday after news that Line 1 of the Colonial Pipeline is shut due to a suspected leak, cutting off around 1.5m b/d from the east coast.
    • Brent MAR 25 up 0.6% at 80.36$/bbl
    • WTI FEB 25 up 0.7% at 78.08$/bbl
    • Brent MAR 25-APR 25 up 0.07$/bbl at 1.11$/bbl
    • Brent JUN 25-DEC 25 up 0.1$/bbl at 3.24$/bbl
    • US gasoline crack up 0.5$/bbl at 11.33$/bbl
    • US ULSD crack down 0$/bbl at 28.79$/bbl
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Oil markets are ticking higher today after drifting down from a high earlier this week ahead of the US CPI and industry reports from IEA and OPEC released later. Another expected draw in US crude inventories adds support to tighter supply risks due to the US sanctions on Russia announced last week.

  • EIA US crude inventories are today expected to show a draw of 0.67mbbl and with builds for gasoline and distillates. API data yesterday showed a crude stock draw of 2.6mbbl, according to Bloomberg. Gasoline stocks rose 5.4mbbl and distillates rose 4.9bbl.
  • The EIA has cut its forecast for global oil demand in 2025 by around 0.2mb/d to 104.1mb/d, according to its January Short-Term Energy Outlook. This puts 2025 in a supply surplus of 0.3mb/d, while 2026 is forecast to see a surplus of 0.7mb/d.
  • Repairs at Kazakhstan’s major Tengiz oil field are completed and should return to full output on Jan. 18, the Kazakh Energy Ministry said.
  • The Wall Street Journal reports that President-elect Donald Trump is preparing a set of energy-related executive orders, to sign upon his inauguration on January 20, that would unwind Biden administration rules on offshore/onshore drilling on federal lands, tailpipe emissions, and LNG exports approval.
  • US gasoline cracks jumped yesterday after news that Line 1 of the Colonial Pipeline is shut due to a suspected leak, cutting off around 1.5m b/d from the east coast.
    • Brent MAR 25 up 0.6% at 80.36$/bbl
    • WTI FEB 25 up 0.7% at 78.08$/bbl
    • Brent MAR 25-APR 25 up 0.07$/bbl at 1.11$/bbl
    • Brent JUN 25-DEC 25 up 0.1$/bbl at 3.24$/bbl
    • US gasoline crack up 0.5$/bbl at 11.33$/bbl
    • US ULSD crack down 0$/bbl at 28.79$/bbl