Oil End of Day Summary: Crude Rebounds

WTI has surged near US close to be trading higher, as further attacks in the Red Sea and additional outages in North Dakota offset a higher US dollar and wider economic concerns.

• WTI FEB 24 up 0.5% at 72.77$/bbl
• White House National Security Adviser Jake Sullivan has released a statement confirming that the Houthi rebels in Yemen have been re-designated as a 'specially designated terrorist group'.
• UKMTO has received a report of an incident 60 miles Southeast of Aden, Yemen Jan. 17. The master reports the vessel has been hit on the Port side by an uncrewed aerial system.
• Global oil markets are able to cope with Red Sea disruptions in the short term, but prolonged attacks could lead to tanker shortages in an already tightening oil market, Aramco CEO, Amin Nasser, told Reuters.
• North Dakota oil production down about 650,000-700,000 barrels per day, gas output off 1.7-1.9 bcf per day due to freezing weather - state pipeline authority.
• Heavy Western Canadian Select’s discount at Hardisty, Alberta to WTI has widened to $19/b Jan. 17 compared to $17.5/b the previous day, according to Bloomberg
• The IEA expects oil markets to be in a “comfortable and balanced” position this year, its executive director Fatih Birol told Reuters.
• OPEC expects global oil demand growth to slow in 2025 even against easing inflation forecasts according to its latest monthly report.
• - MNI COMMODITY WEEKLY: Shipping Shows Mixed Response to Red Sea Security Woes - Full piece here: https://enews.marketnews.com/ct/x/pjJscQXek-kI6a9jcBx2Sw~k1zZ8KXr-kA8x6nCDJKhptIPjO1OcQ