Oil End of Day Summary: Crude Falls

The oil market has fallen on the day, amid rising US crude stocks and weak economic data from China. WTI has shown a largely muted reaction to the Fed’s decision to hold rates steady.

• WTI MAR 24 down -2.4% at 75.95$/bbl
• Countries in the Middle East are awaiting the US response to the killing of three of its service personnel in a drone strike at a Jordanian outpost.
• EIA Weekly US Petroleum Summary - w/w change week ending Jan 26: Crude stocks +1,234 vs Exp -225, Crude production +700, SPR stocks +892, Cushing stocks -1,972
• The number of tankers carrying crude oil through the Gulf of Aden has significantly declined after a laden fuel-tanker was hit by a missile strike on Friday, Clarkson data showed.
• Saudi Aramco may raise the price for its flagship Arab Light crude to Asia in March by 30ct-70ct/bbl, according to a Reuters survey.
• High spare capacity and persistent reduction in output suggest an “astute time” to change Saudi Arabia capacity growth plans according to Wood Mackenzie.
• A Libyan crude loading program shows Sharara is expected to export six cargoes totalling 130kb/d in February compared to just 41kb/d in January according to Bloomberg.
• Mexican crude exports fell marginally in January as bad weather hampered ship loadings and Pemex kept volumes to boost domestic refinery runs, according to Bloomberg.
• Novatek has restored operations in the terminal port of Usr-Luga on the Baltic Sea, according to Tass, citing the Russian Energy Ministry.
• Production from Guyana’s Payara, the third development on Stabroek Block, has reached it maximum gross capacity of 220k b/d, according to Hess cited by Platts.
• - MNI COMMODITY WEEKLY: Infrastructure Projects and Sanctions Set to Alter Gulf Coast Refinery Operations - Full piece here: https://enews.marketnews.com/ct/x/pjJscQSNwegI6a9icRlySw~k1zZ8KXr-kA8x6nDX8CgptIPjO1OcQ