Mid-Day Oil Summary: Crude Making Gains

Crude has surged beyond yesterday’s levels, despite no clear new drivers on the day. The move follows volatile trading yesterday with Brent jumping to a high of 82.78$/bbl before easing back. The market continues to await OPEC+’s decision on output cut extensions into Q2.

• Brent MAY 24 up 1.7% at 83.28$/bbl
• WTI APR 24 up 1.8% at 79.65$/bbl
• Gasoil MAR 24 up 1.3% at 837.5$/mt
• WTI-Brent up 0.79$/bbl at -4.51$/bbl
• ICE Brent crude futures open interest has fallen in late February to reverse an increase seen earlier in the month while WTI interest also falls. ICE Brent open interest was yesterday down to 2.204m from a high of just over 2.3m on Feb. 9.
• US Central Command forces conducted two self-defence strikes against six mobile anti-ship cruise missiles that were prepared to launch towards the Red Sea February 29.
• Chairman of Kazakhstan’s KMG said the country is not seeking alternate oil export routes to Europe that bypass Russia, according to Tass.
• Exports of Guyana’s Liza, Unity Gold, and Payara Gold crudes rose to a new high in February on a daily average basis, according to Bloomberg.
• Crude oil storage capacity utilisation rates at independent refineries in Shandong were 43.7% in the week to March 1, according to OilChem.