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Mid-Day Oil Summary: Oil Recovers Slightly

OIL

Crude markets are recovering from an earlier dip to near edge higher on the day. Oil has faced downward pressure as sentiment over the pace of central bank rate cuts fade. But Middle East escalations this week within the Red Sea ranging from US attacks on Houthi ships to an Iranian warship entering the area are offering upside.

    • Brent MAR 24 up 0.3% at 76.09$/bbl
    • WTI FEB 24 up 0.1% at 70.44$/bbl
  • API data is due at 4:30 p.m. (2130 GMT) on Wednesday, and the EIA is due at 11:00 a.m. (1600 GMT) on Thursday, delayed by a day due to the New Year's holiday on Monday.
  • Protests at Libya’s Sharara and El Feel oil fields started on Tuesday and protestors announced to shut down production at both fields according to the news outlet Alwasat. However, this has not been confirmed yet. Libya’s National Oil Corp has warned that it may have to close the country’s largest oil field, the Shahara, because of protestors which may lead to force majeure on exports.
  • India is currently buying around 1.5mbpd of crude oil from Russia and has not faced any issues related to payments, Oil Minister Hardeep Singh Puri said, after reports stated previously tankers could not deliver due to payment issues.
  • Saudi Aramco may cut the OSP for its flagship Arab Light crude for Asian customers by around $1.70/bbl over the Oman/Dubai crude quotes in February from the previous month, according to five refining sources surveyed by Reuters.
  • US SPR crude oil inventories rose by around 1.1mbpd last week to 354.4mn barrels as of 29 December, DOE data showed.
  • Iraq’s crude oil exports in December stood at a total of 108mn barrels, or 3.48mbpd, up from 3.433mbpd in November, the oil ministry said.
  • China’s crude oil storage capacity utilisation rate stood at 58.56% as of Jan. 3, according to OilChem, up 1.33 percentage points on the week.
  • Chinese refiners are planning to export 4.08m tons of oil products in January according to OilChem – up 70% vs December when quotas were thinning.
    • US gasoline crack down 0$/bbl at 17.5$/bbl
    • US ULSD crack up 0.8$/bbl at 36.57$/bbl
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