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OIL: Oil End of Day Summary: Crude Climbs

OIL
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WTI has relinquished earlier gains but continues to be up on the day and on the week intraday as US sanctions on Russia are likely to be bullish for oil markets.

  • WTI FEB 25 up 3.3% at 76.38$/bbl
  • Baker Hughes US Oil Rig Count: Oil: 480 (-2) -down 17 rigs, or 3.4% on the year.
  • Data showed a larger than expected jobs gain in December, including private payrolls, while unemployment dips slightly.
  • The U.S treasury has issues details on the widely speculated list of further sanctions on Russian oil entities that has been driving oil markets higher on Friday.
  • The new US sanctions on Russian crude and products is bullish for oil globally, but history has shown Russian barrels generally find markets, Platts said.
  • The latest sanctions on Russia targets tankers accounting for around 42% of Russia’s seaborne oil exports, primarily to China, Kpler said.
  • Tightening sanctions on Russian crude could see a boost in Chinese demand for WAF grades, such as Angolan crudes.
  • Crude export growth out of the Americas has been robust despite a slowdown out of the US and Canada as Brazil and Guyana have picked up the slack, reports Vortexa.
  • The short-term outlook for the Trans Mountain Pipeline is uncertain due to significant refinery maintenance on the US Pacific Coast starting in March.
  • Kpler expects Mexico’s Maya crude differentials to plunge lower after trading at a $7-8/b discount to WTI over the past month.
  • Oil prices will stay within their current range for most of 2025 according to a research note by JP Morgan.
  • The Middle East oil benchmark Dubai averaged $79.5/bbl in 2024, its lowest since 2021, according to Kpler.
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WTI has relinquished earlier gains but continues to be up on the day and on the week intraday as US sanctions on Russia are likely to be bullish for oil markets.

  • WTI FEB 25 up 3.3% at 76.38$/bbl
  • Baker Hughes US Oil Rig Count: Oil: 480 (-2) -down 17 rigs, or 3.4% on the year.
  • Data showed a larger than expected jobs gain in December, including private payrolls, while unemployment dips slightly.
  • The U.S treasury has issues details on the widely speculated list of further sanctions on Russian oil entities that has been driving oil markets higher on Friday.
  • The new US sanctions on Russian crude and products is bullish for oil globally, but history has shown Russian barrels generally find markets, Platts said.
  • The latest sanctions on Russia targets tankers accounting for around 42% of Russia’s seaborne oil exports, primarily to China, Kpler said.
  • Tightening sanctions on Russian crude could see a boost in Chinese demand for WAF grades, such as Angolan crudes.
  • Crude export growth out of the Americas has been robust despite a slowdown out of the US and Canada as Brazil and Guyana have picked up the slack, reports Vortexa.
  • The short-term outlook for the Trans Mountain Pipeline is uncertain due to significant refinery maintenance on the US Pacific Coast starting in March.
  • Kpler expects Mexico’s Maya crude differentials to plunge lower after trading at a $7-8/b discount to WTI over the past month.
  • Oil prices will stay within their current range for most of 2025 according to a research note by JP Morgan.
  • The Middle East oil benchmark Dubai averaged $79.5/bbl in 2024, its lowest since 2021, according to Kpler.