Oil End of Day Summary: Crude Regains Ground

Crude markets are finishing the day stronger, boosted by a weakening in the US dollar.

• WTI MAR 24 up 1.9% at 78.08$/bbl
• Wires carrying comments from Houthi leader Abdul Malik al-Houthi stating that "We will continue our operations as long as Israel continues its crimes."
• Global oil demand growth is forecast to rise by 1.2mbpd, unchanged from last month’s report, according to the IEA Monthly Oil Market Report.
• The volume of crude oil in floating storage increased to the highest since Oct. 22 at about 56mbbls on Feb. 13, according to Kpler.
• Mexican firm Vista Energy said Feb. 16 that its proven reserves at the Vaca Muerta shale formation in Argentina increased by 27% in 2023 while daily production grew by 14% in Q4, according to Reuters.
• Russia has nearly reached its target for voluntary crude oil production cuts for the first time since making the pledge last year, according to Bloomberg.
• Russia's January seaborne oil product exports fell to 10.792 million metric tons in January down 2% m/m and 8.6% y/y due to lower processing and unplanned repair work according to Reuters sources.
• Russia’s crude oil exports are expected to rise in the near-term as the country cuts refinery throughput in the wake of Ukrainian drone strikes on facilities, Kpler said cited by Bloomberg.
• Russian Urals grade crude has risen to above $66/bbl from Western ports amid stable freight rates and narrowing discounts for March goes, traders told Reuters.
• A Ukrainian drone attack hit an oil storage depot in Russia’s Kursk region, which resulted in a fire Governor Roman Starovoyt said via Telegram.
• Falling natural gas prices will have bearish implications for all commodities, particularly oil, according to Bloomberg Intelligence.