February 29, 2024 19:23 GMT
Oil End of Day Summary: Crude Choppy
OIL
Crude futures have been choppy throughout the day, moving into losses as US close approaches amid a mixed picture on demand following US economic data. A recovery in the US dollar erased WTI’s gains after European close.
- WTI APR 24 down -0.3% at 78.27$/bbl
- Speaking briefly to reporters, US President Joe Biden when asked on the prospect of an Israel-Hamas ceasefire agreement says that 'hope springs eternal,' but that it is unlikely to start by Monday 4 March (previously raised by Biden as a target date).
- Wires carrying comments from Abdul-Malik al-Houthi, leader of the Houthi forces in Yemen, claiming that the group will introduce military "surprises" in their Red Sea operations, which their "enemies" will not expect.
- Oil output among the OPEC 9 members rose by around 87k b/d in February, according to a Reuters survey. In terms of the additional voluntary cuts for Q1, the OPEC-9 members exceeded their quotas by 191k b/d.
- The US DOE purchased 3.2mn barrels of crude oil for the SPR for July delivery, it said in a statement.
- Saudi Aramco could maintain the Arab Light official selling price to Asia unchanged in April.
- Angola plans to raise its crude oil exports to 1.19m b/d in April, the highest monthly value since July.
- North Sea Johan Sverdrup crude loadings are scheduled to rise to a record of 793k b/d in April, based on a loading programme seen by Bloomberg.
- US crude production fell slightly in December to 13.315m b/d, according to EIA data, down 4k b/d on the month.
- MNI COMMODITY ANALYSIS: Growing Consensus on OPEC+ Cut Extension into Q2 - Full piece here: https://enews.marketnews.com/ct/x/pjJscQeNlL4I6a9vIh51GA~k1zZ8KXr-kA8x6nAX5X2ptIPjO1OcQ
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