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Mid-Day Oil Summary: Crude Eases Back

OIL

Crude markets are trading lower on the day, amid a slight easing in shipping risks from the Red Sea. This is despite large-scale avoidance of the region. API data showing a stock build is adding further downside.

  • Brent FEB 24 down -1.1% at 78.74$/bbl
  • WTI FEB 24 down -1.4% at 73.04$/bbl
  • API weekly oil stock data from late yesterday according to Bloomberg. Crude +1.837mbbl, Cushing +1.568mbbl, Gasoline -0.482mbbl, Distillate +0.272mbbl.
  • The day delayed EIA weekly petroleum status report will be released at 11:00 ET (16:00 GMT) today. Crude inventories are expected to show a draw of -2.88mbbls for the week ending 22 December according to a Bloomberg survey.
  • Half of the container ships which regularly transit the Red Sea and Suez Canal is avoiding the area because of the risk of attack, according to Bloomberg.
  • Oil product exports from Russia in the week to Dec 24 fell 666kb/d to 2.5mb/d according to Bloomberg based on Vortexa data.
  • Sinopec expects China’s oil product demand growth to ease to 1.7% in 2024 from the post-Covid demand boost to 16.1% in 2023, according to Bloomberg.
  • Gasoline crack spreads are edging higher ahead of the updated EIA stocks data while diesel is steady after falling to the lowest since mid-July yesterday.
  • A mild winter will create a calm start to 2024 for European diesel markets, but ageing refinery capacity in the region and the risk of unplanned outages could keep markets volatile, according to Argus.
  • Neste's Porvoo oil refinery is facing a likely halt to production amid two planned days of labour strike action.
  • Total is restarting production units at its Donges refinery on the west coast of France according to a community alert. No details were provided of the specific units.
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