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OIL: Oil End of Day Summary: Crude Climbs

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WTI has climbed further today in a thin pre-holiday trading session. Front month remains around the middle of its December range supported by more positive factors out of the U.S.

  • WTI FEB 25 up 1.1% at 70.02$/bbl
  • New orders for key U.S.-manufactured capital goods surged in November amid strong demand for machinery, while new home sales also rebounded, in a sign that the U.S. economy is on a solid footing towards the year-end.
  • The Biden Administration is looking to tighten sanctions on Russia as  a parting blow to Putin the Washington Post reports.
  • There is a lot of talk coming out of the U.S. at present about tariffs and sanctions, but the market needs to wait and see action Energy Aspects Director Amrita Sen said on Bloomberg TV.
  • Imperial Oil’s crude production from Alberta wells rose to 163.7k b/d in November, Alberta’s Energy Regulator said, cited by Bloomberg.
  • Chinese teapots have been seen importing more crude from West Africa according to OilChem. The types of crude primarily include Djeno, Mostarda, and Pazflor.
  • US crude oil inventories are expected to have fallen by 3.8m bbl in the week to Dec. 20, according to a note by Macquarie, cited by Bloomberg.
  • Kazakhstan’s pipeline operator Kaztransoil said Dec. 24 that December oil supplies to Germany will be increased from the planned 130k mt to 135k mt, Reuters reported.
  • U.S. producers are not signalling intent to boost oil production in 2025 despite Trump paving the way for easier legislation according to Leo Mariani, Senior Research Analyst at Roth Capital Partners.
  • Output from Argentina’s Vaca Muerta shale play is expected to be 1m b/d in 2030, according to estimates from professional services firm PWC, cited by Bloomberg.
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WTI has climbed further today in a thin pre-holiday trading session. Front month remains around the middle of its December range supported by more positive factors out of the U.S.

  • WTI FEB 25 up 1.1% at 70.02$/bbl
  • New orders for key U.S.-manufactured capital goods surged in November amid strong demand for machinery, while new home sales also rebounded, in a sign that the U.S. economy is on a solid footing towards the year-end.
  • The Biden Administration is looking to tighten sanctions on Russia as  a parting blow to Putin the Washington Post reports.
  • There is a lot of talk coming out of the U.S. at present about tariffs and sanctions, but the market needs to wait and see action Energy Aspects Director Amrita Sen said on Bloomberg TV.
  • Imperial Oil’s crude production from Alberta wells rose to 163.7k b/d in November, Alberta’s Energy Regulator said, cited by Bloomberg.
  • Chinese teapots have been seen importing more crude from West Africa according to OilChem. The types of crude primarily include Djeno, Mostarda, and Pazflor.
  • US crude oil inventories are expected to have fallen by 3.8m bbl in the week to Dec. 20, according to a note by Macquarie, cited by Bloomberg.
  • Kazakhstan’s pipeline operator Kaztransoil said Dec. 24 that December oil supplies to Germany will be increased from the planned 130k mt to 135k mt, Reuters reported.
  • U.S. producers are not signalling intent to boost oil production in 2025 despite Trump paving the way for easier legislation according to Leo Mariani, Senior Research Analyst at Roth Capital Partners.
  • Output from Argentina’s Vaca Muerta shale play is expected to be 1m b/d in 2030, according to estimates from professional services firm PWC, cited by Bloomberg.