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OIL: Mid-Day Oil Summary: Crude Stable

OIL
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Oil markets are stable today after drifting down from a high earlier this week ahead of the US CPI and industry reports from IEA and OPEC released later. A downward revision of the global surplus from the IEA is likely supportive.

  • Brent MAR 25 up 0.1% at 80.03$/bbl
  • WTI FEB 25 up 0.2% at 77.69$/bbl
  • OPEC has kept its 2025 Global Oil-Demand Growth Forecast at 1.45m b/d
  • The IEA has revised its global oil surplus lower for 2025 citing a combination of stronger demand and supply risks.
  • The Paris agency expects global oil inventories to grow by 725,000 bpd in 2025, compared to 950,000 bpd previously.
  • EIA US crude inventories are today expected to show a draw of 0.67mbbl and with builds for gasoline and distillates. API data yesterday showed a crude stock draw of 2.6mbbl, according to Bloomberg. Gasoline stocks rose 5.4mbbl and distillates rose 4.9bbl.
  • API weekly oil stock data from late yesterday according to Bloomberg: Crude -2.6mbbl, Cushing +0.6mbbl
  • Russia says it has not ruled out retaliation in response to the latest measures against its energy sector by Washington.
  • Russian oil hit by the latest U.S. sanctions is building up off China according to vessel tracking.
  • Indian buyers of Russian crude are pushing to clear payments in a shorter period to try and avoid any U.S. sanctions issues according to Bloomberg sources.
  • Maintenance at Kazakhstan’s Tengiz oilfield has been completed according to the energy ministry. It is scheduled to reach full capacity on January 18.
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Oil markets are stable today after drifting down from a high earlier this week ahead of the US CPI and industry reports from IEA and OPEC released later. A downward revision of the global surplus from the IEA is likely supportive.

  • Brent MAR 25 up 0.1% at 80.03$/bbl
  • WTI FEB 25 up 0.2% at 77.69$/bbl
  • OPEC has kept its 2025 Global Oil-Demand Growth Forecast at 1.45m b/d
  • The IEA has revised its global oil surplus lower for 2025 citing a combination of stronger demand and supply risks.
  • The Paris agency expects global oil inventories to grow by 725,000 bpd in 2025, compared to 950,000 bpd previously.
  • EIA US crude inventories are today expected to show a draw of 0.67mbbl and with builds for gasoline and distillates. API data yesterday showed a crude stock draw of 2.6mbbl, according to Bloomberg. Gasoline stocks rose 5.4mbbl and distillates rose 4.9bbl.
  • API weekly oil stock data from late yesterday according to Bloomberg: Crude -2.6mbbl, Cushing +0.6mbbl
  • Russia says it has not ruled out retaliation in response to the latest measures against its energy sector by Washington.
  • Russian oil hit by the latest U.S. sanctions is building up off China according to vessel tracking.
  • Indian buyers of Russian crude are pushing to clear payments in a shorter period to try and avoid any U.S. sanctions issues according to Bloomberg sources.
  • Maintenance at Kazakhstan’s Tengiz oilfield has been completed according to the energy ministry. It is scheduled to reach full capacity on January 18.