Oil End of Day Summary: Crude Rises

WTI has seen robust gains during US hours to be up on the day. The market is weighing continued concern of Middle East escalation against a stronger US dollar. The greenback also eased some of its gains in US hours after the USD index briefly climbed to its highest since Nov. 14

• WTI MAR 24 up 0.7% at 72.81$/bbl
• The US intends to undertake further strikes in retaliation for the US personal killed by an Iranian backed militia: State Dept.
• Houthi Red Sea attacks and surging freight rates have changed crude oil buying patterns boosting the attractiveness of local supplies: Bloomberg.
• Drone attacks on Russia’s energy infrastructure could be a larger disruption to global fuel supplies than attacks on shipping in the Red Sea: Bloomberg.
• Saudi Aramco kept its OSP for Arab Light crude to Asia stable at a $1.50/b premium to Oman/Dubai benchmark.
• Venezuela's exports of crude and refined products fell by 25% in January to 624kb/d.
• Crude supply from the Americas headed for Europe has maintained strength in January while flows to Asia have slipped according to Vortexa.
• Caspian CPC crude prices have fallen as Asian buyers hold off on buying amid Red Sea chaos, according to Bloomberg, citing market sources.
• The number of vessels that were switched to Gabon’s flag surged fivefold in January, suggesting several Russian dark fleet tankers changed flag.
• Greek shipowners are moving away from Russian crude movements according to Bloomberg vessel tracking.
• The oil market will face a supply shortage by the end of 2025 as the world is not replacing crude reserves fast enough, according to Occidental CEO Vicki Hollub.