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Mid-Day Oil Summary: Crude Retreats on Libyan Output Recovery

OIL

Crude futures fall back from earlier gains to remain in the 74.79$/bbl to 80.75$/bbl range seen so far this year. A rebound in output from Libya has helped to offset gains seen due to rising Middle East tensions and the slow recovery in US output following severe cold disruption last week.

    • Brent MAR 24 down -1% at 79.27$/bbl
    • WTI MAR 24 down -1% at 74.02$/bbl
  • Libya’s oil production has rebounded to 1.2mbpd, after the restart of the 300kbpd Sharara oil field, the country’s oil minister Mohamed Oun told Bloomberg.
  • Russia’s seaborne crude shipments in the four weeks to 21 January stood at 3.36mbpd, down by 50kbpd from a week earlier due to weather delays and the drone attack on one of the country’s export terminals, Bloomberg tanker tracker data showed.
  • The API oil inventory data is due at 16:30 ET ahead of the EIA Weekly Petroleum Status Report tomorrow.
  • Norway’s total liquids production in November rose to 2.096mbpd, up from 2.045mbpd in November and 2.8% above the forecast, NPD data showed.
  • UAE’s ADNOC has sold more straight run fuel from its Ruwais refinery this month via private sales according to Reuters sources.
  • Drone attacks on Novatek’s Ust-Luga plant in Russia have supported naphtha prices to their highest level in three months.
  • Fuel tanker rates on key trade routes are soaring as Houthi attacks continue to disrupt Red Sea shipping according to Bloomberg.
  • Gasoline crack spreads continue the rally up to the highest since September boosted by refinery outages despite demand falling by around 6.1% last week according to GasBuddy. Diesel spreads have however eased back from highs last week with the warmer US weather.
  • ExxonMobil’s Baton Rouge refinery began a planned overhaul on its FCC and hydrocracker on Saturday according to Reuters sources.
  • TotalEnergies 238kbpd Port Arthur oil refinery in Texas has had water supply restored according to Reuters sources.
    • US gasoline crack up 0.6$/bbl at 19.52$/bbl
    • US ULSD crack down -0.8$/bbl at 37.28$/bbl
Energy BulletsCommodities
Energy BulletsCommodities

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