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OIL: Oil End of Day Summary: WTI Loses Ground

OIL
BulletEnergy BulletsCommodities

WTI lost ground today, with downward pressure following news that President Trump would stop short of imposing tariffs immediately upon taking office. 

  • WTI FEB 25 down 1.2% at 76.98$/bbl
  • TRUMP: WE WILL DRILL BABY, DRILL
  • TRUMP: WILL FILL STRATEGIC RESERVES AGAIN AND EXPORT AMERICAN ENERGY ALL OVER THE WORLD
  • TRUMP WILL WITHDRAW FROM THE PARIS CLIMATE ACCORD - WHITE HOUSE
  • TRUMP: WILL TAKE BACK PANAMA CANAL - bbg
  • Reuters reporting that an incoming Trump administration official has confirmed that President-elect Donald Trump will stop short of imposing tariffs in his 'Day 1' package of executive actions.
  • Putin tells the Council "We are open for dialogue with the new US administration."
  • Commodities like oil are pricing in the probability of U.S. tariffs once President-elect Donald Trump takes office today, Goldman Sachs said.
  • A total of 4.5mbbl of Russian crude has delivered to ports in India on vessels sanctioned by the US on Jan. 10, according to Kpler.
  • The China crude oil surplus fell in December to 1.5mb/d compared to 1.77mb/d the previous month, according to Reuters calculations.
  • Global crude held on stationary tankers for longer than seven days rose 2.5% to 54.23mbbl as of Jan. 17, according to Vortexa data cited by Bloomberg.
  • A backlog of tankers is growing near Russia’s key oil port of Kozmino, the latest sign of disruption being wrought on the nation’s exports by sweeping US sanctions.
  • A new budget amendment designed to get Iraqi Kurdish crude flowing again to international markets has been approved by the Federal parliament’s finance committee, according to Argus.
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WTI lost ground today, with downward pressure following news that President Trump would stop short of imposing tariffs immediately upon taking office. 

  • WTI FEB 25 down 1.2% at 76.98$/bbl
  • TRUMP: WE WILL DRILL BABY, DRILL
  • TRUMP: WILL FILL STRATEGIC RESERVES AGAIN AND EXPORT AMERICAN ENERGY ALL OVER THE WORLD
  • TRUMP WILL WITHDRAW FROM THE PARIS CLIMATE ACCORD - WHITE HOUSE
  • TRUMP: WILL TAKE BACK PANAMA CANAL - bbg
  • Reuters reporting that an incoming Trump administration official has confirmed that President-elect Donald Trump will stop short of imposing tariffs in his 'Day 1' package of executive actions.
  • Putin tells the Council "We are open for dialogue with the new US administration."
  • Commodities like oil are pricing in the probability of U.S. tariffs once President-elect Donald Trump takes office today, Goldman Sachs said.
  • A total of 4.5mbbl of Russian crude has delivered to ports in India on vessels sanctioned by the US on Jan. 10, according to Kpler.
  • The China crude oil surplus fell in December to 1.5mb/d compared to 1.77mb/d the previous month, according to Reuters calculations.
  • Global crude held on stationary tankers for longer than seven days rose 2.5% to 54.23mbbl as of Jan. 17, according to Vortexa data cited by Bloomberg.
  • A backlog of tankers is growing near Russia’s key oil port of Kozmino, the latest sign of disruption being wrought on the nation’s exports by sweeping US sanctions.
  • A new budget amendment designed to get Iraqi Kurdish crude flowing again to international markets has been approved by the Federal parliament’s finance committee, according to Argus.