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Oil End of Day Summary: Crude Sinks Despite Stock Draw

OIL

WTI is on track for its lowest close since Dec. 15 as slightly eased shipping concerns in the Red Sea cut the geopolitical risk premium. A larger than expected draw in US oil inventories has failed to stem the sharp daily decline.

  • WTI FEB 24 down -3.1% at 71.84$/bbl
  • EIA Weekly US Petroleum Summary - w/w change week ending Dec 22: Crude stocks -7,114 vs Exp -2,880, Crude production 0, SPR stocks +793, Cushing stocks +1,508
  • Half of the container ships which regularly transit the Red Sea and Suez Canal is avoiding the area because of the risk of attack, according to Bloomberg.
  • Oil product exports from Russia in the week to Dec 24 fell 666kb/d to 2.5mb/d according to Bloomberg based on Vortexa data.
  • Brazil’s crude production rose to a new record in November of 3.671m b/d, according to ANP.
  • Angolan crude loadings were revised up to 1.09m b/d in February, according to a copy of the loading programme seen by Bloomberg.
  • The OPEC global market share is falling to the lowest since the Covid-19 pandemic with weakening demand in H1 2024 due to output cuts and Angola's exit from the group, according to Reuters.
  • Sinopec expects China’s oil product demand growth to ease to 1.7% in 2024 from the post-Covid demand boost to 16.1% in 2023, according to Bloomberg.
  • The coming drier season for Panama will likely bring historically low water levels at the Panama Canal, worsening freight rates in 2024, according to Argus.
  • Argentine President Javier Milei is seeking to reduce government intervention in crude exports, according to Bloomberg.
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