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OIL: Oil End of Day Summary: Crude Highest Since Aug

OIL
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WTI is heading for its highest since August, supported by fresh sanctions from the US administration on Russia.

  • WTI FEB 25 up 3.1% at 78.92$/bbl
  • Crude curve backwardation has strengthened significantly after the announcement of the latest US sanctions on Russia risks global supplies.
  • New U.S. sanctions against Russia will be retaliated against according to the Russian Foreign Ministry.
  • A senior Indian bureaucrat told reporters that sanctioned vessels won’t be allowed to discharge. That excludes ships chartered before Jan. 10, provided they unload by March 12.
  • At least 65 oil tankers have dropped anchor at multiple locations, including off the coast of China and Russia, following new sanctions, Reuters said.
  • US President Joe Biden believes that oil prices will stabilise after imposing the broadest package of sanctions targeting Russia’s energy revenues.
  • A Reuters survey indicated a crude stock draw of 3.5m bbl last week.
  • Short term Brent could exceed $85/bbl if new sanctions lower Russian oil output, reaching $90/bbl if it hits Iranian production, Goldman Sachs said.
  • US sanctions on Russian oil have driven a higher Brent price forecast for this year from Morgan Stanley.
  • Six European nations have called for a lower Russian oil price cap, currently at $60/b.
  • Oil is unlikely to get to $90/bbl and should remain in the $80s per barrel range following the US sanctions: Rystad.
  • Analysts Joe DeLaura and Florence Schmit see a market surplus of at least 840k b/d without OPEC+ intervention.
  • Global crude on tankers stationary beyond seven days fell 4.8% to 50.59m bbl as of Jan. 10.
  • Oil tanker rates jumped today following the Biden administration’s sanctions on Russia’s petroleum trade, Bloomberg said.
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WTI is heading for its highest since August, supported by fresh sanctions from the US administration on Russia.

  • WTI FEB 25 up 3.1% at 78.92$/bbl
  • Crude curve backwardation has strengthened significantly after the announcement of the latest US sanctions on Russia risks global supplies.
  • New U.S. sanctions against Russia will be retaliated against according to the Russian Foreign Ministry.
  • A senior Indian bureaucrat told reporters that sanctioned vessels won’t be allowed to discharge. That excludes ships chartered before Jan. 10, provided they unload by March 12.
  • At least 65 oil tankers have dropped anchor at multiple locations, including off the coast of China and Russia, following new sanctions, Reuters said.
  • US President Joe Biden believes that oil prices will stabilise after imposing the broadest package of sanctions targeting Russia’s energy revenues.
  • A Reuters survey indicated a crude stock draw of 3.5m bbl last week.
  • Short term Brent could exceed $85/bbl if new sanctions lower Russian oil output, reaching $90/bbl if it hits Iranian production, Goldman Sachs said.
  • US sanctions on Russian oil have driven a higher Brent price forecast for this year from Morgan Stanley.
  • Six European nations have called for a lower Russian oil price cap, currently at $60/b.
  • Oil is unlikely to get to $90/bbl and should remain in the $80s per barrel range following the US sanctions: Rystad.
  • Analysts Joe DeLaura and Florence Schmit see a market surplus of at least 840k b/d without OPEC+ intervention.
  • Global crude on tankers stationary beyond seven days fell 4.8% to 50.59m bbl as of Jan. 10.
  • Oil tanker rates jumped today following the Biden administration’s sanctions on Russia’s petroleum trade, Bloomberg said.