Oil End of Day Summary: Crude Set For Robust Gains

Crude is headed for US close trading higher as an escalation in attacks on Russian refineries raises concern for oil product supplies.

• WTI APR 24 up 2% at 82.69$/bbl
• US oil production is set to rise in April to 9.769m b/d across the major shale plays, according to the EIA Drilling Productivity Report.
• US Energy Secretary Jennifer Granholm said March 18 that the SPR is on track to "be at or exceeding" levels it would have been interventions following Russia’s invasion of Ukraine.
• Saudi Arabian crude oil exports fell by 11kbpd month on month to 6.297mbpd.
• US sanctions against Sovcomflot, its fleet and subsidiaries are putting pressure on the Russian company’s operations, the shipping giant said in its financial report Monday.
• Iraq's oil ministry said on Monday it will reduce crude oil exports to 3.3mbpd in the coming months.
• China is set for record imports of Russian crude this month according to Kpler figures, boosted by an increase in Sokol flows.
• Mexico’s state oil company Pemex expects to process 1.7m b/d of crude by the end of 2024 in its local refineries, CEO Octavio Romero said.
• Saudi Aramco CEO Amin Nasser said at CERA week that he saw oil demand above 104m b/d in 2025 and described the phase-out of fossil fuels a fantasy.
• Global oil demand is “very healthy” according to ExxonMobil’s CEO Darren Woods in an interview with CNBC.
• Tightening supply-demand balances are forecast to drive the Brent crude price to $90/bbl by 3Q, according to Morgan Stanley.
• Iran has set its official selling price for Iranian Light crude for Asian buyers at +$1.95/bbl above the Oman/Dubai average for April, +20 cents m/m.