Oil End of Day Summary: Crude Retreats

WTI furthered its losses during US hours, cancelling out yesterday’s gains, after the latest weekly EIA petroleum data showed a significantly larger build in US crude inventories.

• WTI MAR 24 down -1% at 77.12$/bbl
• EIA Weekly US Petroleum Summary - w/w change week ending Feb 09: Crude stocks +12,018 vs Exp +3,299, Crude production 0, SPR stocks +746, Cushing stocks +710
• Pemex’s PMI trading arm kept the price of Maya crude sold to the USGC unchanged for March at a $10.20/b discount to its USGC pricing formula.
• The oil Ministries of both Kazakhstan & Iraq said Feb. 14 that they will compensate for its overproduction in January over the next four months, as part of its OPEC+ obligations.
• Kazakhstan’s crude and condensate output was 7.8m mt in January, according to the official figures released by the Ministry of Energy.
• China’s crude oil imports from Iran fell to the lowest since Feb at around 986kbpd in Jan according to Bloomberg citing Kpler data.
• A brent price above $90/bbl would more adequately reflect current fundamentals and risk to the oil markets according to Paul Horsnell, Standard Chartered’s head of commodities research.
• Global fuel markets will be more vulnerable to price and supply shocks amid refinery maintenance and Red Sea disruption according to Rystad.
• The BTC pipeline pumped 2.486mn tons of oil last month, down by 1.9% on the year according to Azerbaijan's State Statistics Committee.
• MNI COMMODITY WEEKLY: New Refinery Capacity to Upend Global Product Flows - Full piece here: https://enews.marketnews.com/ct/x/pjJscQTckb8I6a9hdxp-Eg~k1zZ8KXr-kA8x6nDDpD3ptIPjO1OcQ