Oil End of Day Summary: Crude Falls

WTI is down on the day, having retreated to levels at Feb. 15 close. Downside comes from concerns over the sluggish pace of global demand growth, outweighing risks of supply disruptions in the Red Sea.

• WTI APR 24 down -1.7% at 77.1$/bbl
• The prompt US WTI futures time spread has reached its widest level since September, having begun its surge Feb. 13.
• Russia and Venezuela agreed to broaden their oil production cooperation, Russia’s Foreign Affairs Minister Sergei Lavrov told Venezuelan state tv during a visit to Caracas.
• Russia met its target for crude-export cuts in January, complying with its voluntary cut pledge, according to data from the country’s Energy Ministry, cited by Bloomberg.
• Russian seaborne crude shipments in the four weeks to 18 February edged up to 3.27mbpd, compared with 3.25mbpd in the previous period according to Bloomberg.
• Russia’s crude oil and condensate output is seen at 523m tons this year according to Interfax.
• Nigeria is set to raise its loadings of Forcados crude exports to 8.79m bbl, or 293k b/d in April, according to Bloomberg.
• Angola plans to raise crude oil exports to 1.12m b/d in April, according to a preliminary schedule seen by Bloomberg.
• Saudi Arabia is boosting crude oil exports via the Muaajjiz terminal in order to bypass the Bab El-Mandam strait amid ongoing Houthi rebel attacks, Kpler data showed.
• The number of tankers that have diverted around the Cape of Good Hope is continuing to rise with 194 tanker diversions.
• Over 20% of oil tanker trade is now diverting on the longer journey around the Cape of Good Hope according to Wood Mackenzie.