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OIL: Oil End of Day Summary: Crude Moderates Rally

OIL
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Brent crude prices have fallen today as prices readjust following the rally to $81.68/bbl yesterday. Recent gains have been driven by fresh US sanctions on Russia.

  • WTI FEB 25 down 1.4% at 77.7$/bbl
  • The Wall Street Journal reports that President-elect Donald Trump is preparing a set of energy-related executive orders, to sign upon his inauguration on January 20, that would unwind Biden administration rules on offshore/onshore drilling on federal lands, tailpipe emissions, and LNG exports approval.
  • The EIA has cut its forecast for global oil demand in 2025 by around 0.2m b/d to 104.1m b/d, according to its January Short-Term Energy Outlook.
  • A survey by the WSJ found that US crude oil inventories likely fell for the eighth week, down 1.1m bbl to 413.5 million bbl in the week ended Jan 10.
  • US CPI data will be in focus this week as a rise in core inflation could threaten further Federal Reserve interest rate cuts this year.
  • Chinese state oil buyers are increasingly moving towards barrels from other regions due to tighter sanctions on Russia.
  • India's near-term oil supplies are unlikely to be affected by sanctions on Russian oil due to a two-month winding down period, senior officials told Platts
  • Russia’s largest shipping company said the latest U.S. sanctions will create operational complications, but it is working to minimize the negative effects.
  • US, the largest crude exporter in the Americas, saw its seaborne exports average 3.9mbd in 2024, lower in comparison to 4mbd in 2023 according to Vortexa.
  • Russia’s seaborne crude shipments were relatively unchanged last week with a drop of just 20kb/d in the week to Jan. 12 to 3.01mb/d, according to Bloomberg. 
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Brent crude prices have fallen today as prices readjust following the rally to $81.68/bbl yesterday. Recent gains have been driven by fresh US sanctions on Russia.

  • WTI FEB 25 down 1.4% at 77.7$/bbl
  • The Wall Street Journal reports that President-elect Donald Trump is preparing a set of energy-related executive orders, to sign upon his inauguration on January 20, that would unwind Biden administration rules on offshore/onshore drilling on federal lands, tailpipe emissions, and LNG exports approval.
  • The EIA has cut its forecast for global oil demand in 2025 by around 0.2m b/d to 104.1m b/d, according to its January Short-Term Energy Outlook.
  • A survey by the WSJ found that US crude oil inventories likely fell for the eighth week, down 1.1m bbl to 413.5 million bbl in the week ended Jan 10.
  • US CPI data will be in focus this week as a rise in core inflation could threaten further Federal Reserve interest rate cuts this year.
  • Chinese state oil buyers are increasingly moving towards barrels from other regions due to tighter sanctions on Russia.
  • India's near-term oil supplies are unlikely to be affected by sanctions on Russian oil due to a two-month winding down period, senior officials told Platts
  • Russia’s largest shipping company said the latest U.S. sanctions will create operational complications, but it is working to minimize the negative effects.
  • US, the largest crude exporter in the Americas, saw its seaborne exports average 3.9mbd in 2024, lower in comparison to 4mbd in 2023 according to Vortexa.
  • Russia’s seaborne crude shipments were relatively unchanged last week with a drop of just 20kb/d in the week to Jan. 12 to 3.01mb/d, according to Bloomberg.