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Mid-Day Oil Summary: Crude Edges Higher

OIL

Crude markets have firmed later in the morning with front month Brent recovering from an intra-day low of $72.29/bbl on reports of another Houthi revel attack on a tanker near the Bab el-Mandeb Strait on Wednesday.

    • Brent FEB 24 up 0.2% at 73.38$/bbl
    • WTI JAN 24 up 0.3% at 68.79$/bbl
    • Gasoil JAN 24 up 1% at 730.75$/mt
    • WTI-Brent up 0.03$/bbl at -4.35$/bbl
  • Two missiles fired from Yemen’s Houthi rebel territory missed a tanker loaded with jet fuel near the Bab el-Mandeb Strait on Wednesday according to AP News reports citing US officials. The Marshall Islands-flagged tanker was traveling north toward the Suez Canal in the Red Sea.
  • Calendar: The OPEC Monthly Oil Market Report is due for release today around 13:23 CET. The EIA weekly petroleum inventory data is due for release this afternoon at 10:30 ET (15:30GMT). The US Fed rate decision is expected at 14:00 ET.
  • Crude inventories in ARA region rose by 1.3mn bbl in week ended 8 December to 56.3mn bbl, Genscape data show.
  • The EIA forecasts global oil demand at 102.34mbpd in 2024, slightly revised down from 102.44mbpd in the November forecast according to the EIA Short Term Energy Outlook from late yesterday.
  • he oil market has shrugged off supply fears stemming from the Middle East escalations following the Hamas attack on Israel early October according to RBC Head of Commodity Strategy Helima Croft in a CNBC interview.
  • Diesel and gasoline cracks continue to trend lower in December ahead of the updated weekly EIA oil inventory data. API data last night showed distillates and gasoline builds and a draw in crude stocks.
  • Higher US gasoline inventories are expected to contribute to lower US gasoline crack spreads in 2024 falling by 15 cents/gal compared with 2023 according to the EIA monthly oil report.
  • Oil products stocks at the port of Fujairah fell by 10% on the week to 16.77mn barrels in the week to 11 December, the lowest since 25 September, according to data from the Fujairah Oil Industry Zone.
    • US gasoline crack down -0.4$/bbl at 14.45$/bbl
    • US ULSD crack up 0.6$/bbl at 37.47$/bbl
  • MNI COMMODITY ANALYSIS: End of Year China Weakness Weighs on Oil Complex https://enews.marketnews.com/ct/x/pjJscQWIwewI6a9lchF1SA~k1zZ8KXr-kA8x6nCWsCkptIPjO1OcQ
Energy BulletsCommodities
Energy BulletsCommodities

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