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Mid-Day Oil Summary: Crude Stabilises

OIL

Crude is stabilising with Brent front month holding just below $90/bbl after OPEC’s decision, as expected, to maintain production cuts until at least the end of June.

    • Brent JUN 24 down 0.1% at 89.29$/bbl
    • WTI MAY 24 down 0.1% at 85.35$/bbl
  • Trans Mountain's expanded oil pipeline system will start commercial operations on May 1 according to the company on Wednesday.
  • Venezuelan crude oil production is estimated to decline to 890kbpd by the end of 2025, if the US will reimpose sanctions according to Rystad Energy’s senior VP Jorge Leon.
  • Russian oil deliveries to India are steady and there are no issues with payment, Russian Foreign Ministry Spokesperson Maria Zakharova said on Wednesday.
  • India is concerned about elevated crude prices, but oil marketing companies will take appropriate measures to cushion the impact for retail customers, according to government officials.
  • Global oil demand rose by 1.4mbpd on the year in the first quarter of this year and averaged 101.2mbpd in March, JP Morgan said in a note.
  • Russia is estimated to require about 200 ice-class vessels by 2035 to export products from planned Arctic projects according to Yakov and Partners.
  • There could be some downside risk in near-term China oil purchases according to FGE.
  • Norway’s DNO temporarily reduced production at its Tawkee field in the Kurdistan region in the second half of March due to flooding, but operations have since then recovered, the firm said.
  • Russian refiners reduced gasoline production in the last week of March by 12% versus the February average, while diesel production stood 3.5% below the February average, Rosstat data showed, due to the damage in refineries after Ukrainian drone attack, Kommersant reported.
  • Western sanctions are making it hard for Russia to repair its damaged refineries after Ukrainian drone strikes according to Reuters sources.
  • Gasoline cracks edged lower yesterday despite a larger than expected draw in US stocks. Diesel cracks are steady after a recent recovery, supported by an as expected draw in stocks on higher exports and lower production.
  • The updated Insights Global European ARA product inventories will be released today around 15:15BST.
    • US gasoline crack up 0$/bbl at 30.44$/bbl
    • US ULSD crack down 0.1$/bbl at 29.15$/bbl
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