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Mid-Day Oil Summary: Crude Slumps

OIL

Crude futures extend the earlier decline back towards the low from 4 January. A larger than expected cut in Saudi Arab Light OSPs to Asia and price cuts to all regions is adding bearish pressure. Technical analysis shows Brent the primary direction is down with first support at the Jan 3 low of 74.79$/bbl.

    • Brent MAR 24 down -2.6% at 76.72$/bbl
    • WTI FEB 24 down -2.8% at 71.73$/bbl
  • Crude managed money net long positions last week fell back amid bearish market demand pressures and despite ongoing Middle East tensions and Red Sea diversions after gains the previous couple of weeks. The combined net long positions for Brent and WTI fell by -60k to 246k according to the Commitments of Traders data released on Friday.
  • Saudi Arabia cut all official selling prices for all regions for February, with the price for Arab Light crude to Asia falling to the lowest level since November 2021, a price list showed.
  • Libya’s National Oil Corporation (NOC) announced a force majeure with immediate effect for its Sharara oilfield on Sunday due to recent ongoing protests that began hitting production last Wednesday.
  • Global crude floating storage held on tankers stationary for at least 7 days rose to 83.69mn bbls as of January 5 - up 2.1% from 81.94mn bbls a week prior according to Vortexa.
  • Run rates at Chinese state refiners will rise by 0.6% to 76.02% in January according to OilChem citing a survey.
  • India’s oil-product consumption last month rose by 2.6% on the year to 20.054mn tons and the highest level since May, according to provisional data published by the oil ministry’s Petroleum Planning & Analysis Cell.
  • The front month US gasoline crack spread has fallen to the lowest since Nov 21 amid concern for weak seasonal demand and rising inventories.
    • US gasoline crack down -0.4$/bbl at 14.14$/bbl
    • US ULSD crack up 0.5$/bbl at 36.57$/bbl
  • American refiner PBF intends to shut a CDU this week at its 190,000 bpd Chalmette, Louisiana, refinery according to Reuters sources on Saturday.
Energy BulletsCommodities
Energy BulletsCommodities

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