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Oil End of Day Summary: Crude Falls on Week

OIL
Energy BulletsCommodities

WTI is headed for US close trading lower and with weekly losses of around 1%. The market is weighed down by concerns of slowed or delayed US interest rate cuts and difficulties for OPEC to maintain its voluntary output reductions.

  • WTI APR 24 down -2.4% at 76.69$/bbl
  • The US has unveiled details of a new Russia sanctions package.
  • UKMTO received reports of a suspicious vessel approach around 175 nm east of Qalhat LNG terminal.
  • US oil and gas rig count rose by five on the week to 626, according to Baker Hughes, the highest weekly total since Dec. 8, but down 16.9 % on the year. Oil rig count was up 6 to 503.
  • The outlook for crude prices is dampened by China’s economy according to a note from RBC via Bloomberg.
  • Mexico’s Pemex’s crude output with partners for January was 1.55m b/d, down 0.7% on the month.
  • Global oil demand has been rising 1.7mbpd on the month through 21 February, supported by Chinese travel demand: JP Morgan
  • The Federal Supreme Court of Iraq has ordered the KRG to hand over all oil and non-oil revenues to the federal government, according to Platts.
  • Saudi Aramco has ramped up the use of Red Sea terminals for heavy crude exports to Europe, according to MEES.
  • CDU capacity utilisation at China’s Teapots averaged 65.5% in 2024 to date, up 2.58 percentage points on the year: OilChem.
  • Europe’s crude imports from Iraq are set to remain flat m-o-m in February at just 500kbd and nearly 400kbd below the 2023 average according to Vortexa.
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WTI is headed for US close trading lower and with weekly losses of around 1%. The market is weighed down by concerns of slowed or delayed US interest rate cuts and difficulties for OPEC to maintain its voluntary output reductions.

  • WTI APR 24 down -2.4% at 76.69$/bbl
  • The US has unveiled details of a new Russia sanctions package.
  • UKMTO received reports of a suspicious vessel approach around 175 nm east of Qalhat LNG terminal.
  • US oil and gas rig count rose by five on the week to 626, according to Baker Hughes, the highest weekly total since Dec. 8, but down 16.9 % on the year. Oil rig count was up 6 to 503.
  • The outlook for crude prices is dampened by China’s economy according to a note from RBC via Bloomberg.
  • Mexico’s Pemex’s crude output with partners for January was 1.55m b/d, down 0.7% on the month.
  • Global oil demand has been rising 1.7mbpd on the month through 21 February, supported by Chinese travel demand: JP Morgan
  • The Federal Supreme Court of Iraq has ordered the KRG to hand over all oil and non-oil revenues to the federal government, according to Platts.
  • Saudi Aramco has ramped up the use of Red Sea terminals for heavy crude exports to Europe, according to MEES.
  • CDU capacity utilisation at China’s Teapots averaged 65.5% in 2024 to date, up 2.58 percentage points on the year: OilChem.
  • Europe’s crude imports from Iraq are set to remain flat m-o-m in February at just 500kbd and nearly 400kbd below the 2023 average according to Vortexa.