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Oil End of Day Summary: Crude Rises

OIL

WTI continues to trade higher on the day amid above-expectation US crude stock draws, but has relinquished some of its earlier gains.

  • WTI MAR 24 up 0.8% at 74.96$/bbl
  • EIA Weekly US Petroleum Summary - w/w change week ending Jan 19, Crude stocks -9,233 vs Exp -908, Crude production -1,000, SPR stocks +920, Cushing stocks -2,008
  • North Dakota oil production disruption drops further Wednesday to around 170-220kbpd according to the pipeline authority.
  • The first oil from the expanded TMX pipeline in Canada is expected to be loaded onto a ship at Vancouver in April, according to Jason Balasch, Trans Mountain’s senior director of business development, cited by Bloomberg.
  • The start-up of the Trans Mountain Pipeline’s twin line will likely spur the growth of Canadian oil production, according to Jerry Sinclair, Senior VP of Commercial at US refiner HF Sinclair cited by Bloomberg.
  • Rising US production of light sweet crude was likely destined to be the most competitive grade in Europe, Gunvor’s general manager David Garza told Argus.
  • Nigeria’s crude loadings are set to climb 17% on the month to 1.3m b/d in March, according to Bloomberg based on the loading schedule for 12 key grades.
  • The West of Suez dirty tanker market has come under increased downward pressure, with WAF, Med, and Black Sea rates all falling, according to Platts.
  • Oil prices are expected to remain in a narrow range with the second half of 2024 in the $85/bbl to $95/bbl range according to global head of research and analysis at Gunvor.
  • MNI COMMODITY WEEKLY: Iranian Escalations Unrestrained by Oil Supply Fears – Full piece here: https://enews.marketnews.com/ct/x/pjJscQSKn74I6a9iJxp0Gg~k1zZ8KXr-kA8x6nDWJ72ptIPjO1OcQ

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