Oil End of Day Summary: Crude Retreats

Crude futures have continued their pull back during the day, as the Fed’s decision to keep rates unchanged extended likely holds back demand. Meanwhile, US crude draws were in line with expectations.

• WTI APR 24 down 2.1% at 81.72$/bbl
• MNI: FED HOLDS RATES AT 5.25%-5.5%; NO DISSENTS
• EIA Weekly US Petroleum Summary - w/w change week ending Mar 15: Crude stocks -1,952 vs Exp -733, Crude production 0, SPR stocks +750, Cushing stocks -18.
• Oil prices are expected to break above the $70-$90/bbl range if the US Fed cuts interest rates in coming months, according to Jeff Currie at Carlyle Group LP in a Bloomberg interview.
• The Canada Energy Regulator said Tuesday it ordered Trans Mountain Expansion Pipeline (TMX) to stop work on part of its expansion project.
• Russian crude exports have slipped back as maintenance work at the Baltic port of Primorsk and strong winds around Kozmino hit exports according to Bloomberg vessel tracking.
• India’s Bharat Petroleum has signed a four-month deal with BP for the supply of 1mbbl per month of US WTI Midland crude according to Bloomberg sources.
• India’s Reliance will not buy Russian oil loaded on tankers operated by Sovcomflot after the latest US sanctions, sources told Bloomberg.
• - MNI COMMODITY WEEKLY: Refinery Turmoil Driving Gasoline Cracks to Multi-Month Highs - Full piece here: https://enews.marketnews.com/ct/x/pjJscQfdwuoI6a9uKhglGw~k1zZ8KXr-kA8x6nAD8OiptIPjO1OcQ