Oil End of Day Summary: Crude Sees Robust Daily Gains

WTI has seen robust gains during US hours as it continued to claw back the steep losses on Friday. Further Houthi attacks in the Red Sea, coupled with a strong physical market in the US and earlier disruption in Libya have added support during the day.

• WTI APR 24 up 1.3% at 77.51$/bbl
• Venezuela’s reversal in its rapprochement with the US – which had brought sanctions relief on the oil industry– is driven by faltering domestic support for Maduro, Reuters said.
• The US flagged, owned and operated oil/chemical tanker M/V Torm Thor was targeted by the Houthi's on February 24 at 11:45pm (Sannaa time).
• Libya’s ~45kbd Wafa field has resumed shipments following a short halt on Sunday after staff demanded better pay according to a Bloomberg source.
• The US Energy Department is seeking 3m bbl of sour crude for the SPR for August delivery, according to a notice Feb. 26.
• Canadian oil discounts versus US WTI is expected to shrink when the new Trans Mountain Pipeline comes along according to Energy Aspects.
• Stability in oil markets seen over the past 16 months is likely to become increasingly strained, according to Platts’ Head of Market Reporting Dave Ernsberger.
• Non-OPEC+ supply growth is expected to slow this year, allowing for a resurgence in OPEC+ production from 2025, according to Kpler, cited by Dow Jones.
• Strong travel in China over the Lunar New Year holiday has driven an increase in demand supporting crude purchases by refiners ahead of expected maintenance during Q2.
• The addition of WTI Midland crude into the Brent benchmark has gone well, according to Platts.