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OIL: Mid-Day Oil Summary: Crude Holding Gains

OIL
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Oil prices are maintaining gains with support from China’s manufacturing PMI data holding above 50 as the market assesses for the impact of stimulus measures.

  • Brent oil price forecasts for 2025 have been lowered for an eight consecutive month to an average of $74.33/bbl due to weak Chinese demand and rising global supply despite OPEC+ efforts to stabilise the market, according to a Reuters poll.
  • Money managers increased net long crude positions slightly last week with a rise in WTI positions mostly offset by a drop in Brent positions.
  • Saudi Aramco may raise the Arab Light OSP to Asia by $0.1/bbl in February, according to a Bloomberg survey.
  • A reduction in crude supplies from Russia is forcing India’s BPCL to seek alternative and more expensive cargoes from the Middle East, according to Bloomberg.
  • China’s state run Sinochem has received a crude oil import quota of 17.12m metric tons for 2025 for the groups eastern China refineries according to Reuters sources.
  • China has set the fuel oil import quota for non-state-owned firms at 20m metric tons for 2025, unchanged from 2024 according to the commerce ministry on Tuesday.
  • Argentina is set to export Vaca Muerta shale light sweet crude oil to India for the first time amid record production, according to Bloomberg sources.
    • Brent MAR 25 up 0.8% at 74.6$/bbl
    • WTI FEB 25 up 0.9% at 71.64$/bbl
    • Brent MAR 25-APR 25 unchanged at 0.42$/bbl
    • Brent JUN 25-DEC 25 up 0.05$/bbl at 1.75$/bbl
    • US gasoline crack down 0.2$/bbl at 12.38$/bbl
    • US ULSD crack down 0$/bbl at 25.57$/bbl
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Oil prices are maintaining gains with support from China’s manufacturing PMI data holding above 50 as the market assesses for the impact of stimulus measures.

  • Brent oil price forecasts for 2025 have been lowered for an eight consecutive month to an average of $74.33/bbl due to weak Chinese demand and rising global supply despite OPEC+ efforts to stabilise the market, according to a Reuters poll.
  • Money managers increased net long crude positions slightly last week with a rise in WTI positions mostly offset by a drop in Brent positions.
  • Saudi Aramco may raise the Arab Light OSP to Asia by $0.1/bbl in February, according to a Bloomberg survey.
  • A reduction in crude supplies from Russia is forcing India’s BPCL to seek alternative and more expensive cargoes from the Middle East, according to Bloomberg.
  • China’s state run Sinochem has received a crude oil import quota of 17.12m metric tons for 2025 for the groups eastern China refineries according to Reuters sources.
  • China has set the fuel oil import quota for non-state-owned firms at 20m metric tons for 2025, unchanged from 2024 according to the commerce ministry on Tuesday.
  • Argentina is set to export Vaca Muerta shale light sweet crude oil to India for the first time amid record production, according to Bloomberg sources.
    • Brent MAR 25 up 0.8% at 74.6$/bbl
    • WTI FEB 25 up 0.9% at 71.64$/bbl
    • Brent MAR 25-APR 25 unchanged at 0.42$/bbl
    • Brent JUN 25-DEC 25 up 0.05$/bbl at 1.75$/bbl
    • US gasoline crack down 0.2$/bbl at 12.38$/bbl
    • US ULSD crack down 0$/bbl at 25.57$/bbl