Oil End of Day: Crude Rises on Underlying Bullish Factors

{7i} - Crude oil markets ticked higher Thursday, riding support this week from Russian/Ukraine escalation, a lack of Middle East peace talks as well as struggling Venezuelan political progression.

• Brent MAY 24 up 1.5% at 87.41$/bbl
• WTI MAY 24 up 2.1% at 83.04$/bbl
• Gasoil APR 24 up 0.8% at 820.25$/mt
• WTI-Brent up 0.24$/bbl at -4.39$/bbl
• Next week’s OPEC JMMC is expected to recommend the group stays on the current trajectory as it’s members hold the path to shore up production and keep prices high.
• The big three’s (US, Russia, Saudi) combined seaborne crude/condensate exports fell by around 1mbd m-o-m to 13.7mbd, as of March 25 (28-day MA) according to Vortexa.
• Tightening fundamentals are expected to be the main driver taking oil above $90/bbl according to Standard Chartered with a global inventory draw continuing through Q2.
• Nigeria raised its OSP for Qua Iboe crude in April to Dated +$3.97/bbl, compared with +$2.71/bbl in March according to a price list seen by Bloomberg.
• Libya plans to export 31.53mbbl, equivalent to 1.05mb/d, of crude in April, according to the loading programme seen by Bloomberg.
• The Middle Eastern oil supertanker surplus compared to crude cargoes has been widening for the coming 30 days to 25% this week, compared with 17% a week ago, according to a median estimate of three market sources, cited by Bloomberg.
• Russia is working with partners after reports that it was struggling with payment issues due to sanctions pressure according to Kremlin spokesman Dmitry Peskov.