Oil End of Day Summary: WTI Slides

WTI has softened further during US hours despite a brief rebound back into positive territory. Pressure has come from another crude build in today’s EIA data, albeit matching expectations.

• WTI APR 24 down -0.6% at 78.36$/bbl
• EIA Weekly US Petroleum Summary - w/w change week ending Feb 23: Crude stocks +4,199 vs Exp +2,563, Crude production 0, SPR stocks +743, Cushing stocks +1,458
• China’s oil demand is expected to grow by 1% this year to 764mn tons, according to a CNPC report.
• OPEC+ is expected to extend the current crude production cuts beyond 1 April according to refining industry participants in South Korea and Japan surveyed by S&P.
• The North Sea combined BFOET loadings are scheduled to increase to 653kbpd in April.
• Russia’s Deputy PM Alexander Novak said that it was too soon to speak on whether voluntary output cuts would be extended beyond Q1.
• OPEC+ may be hesitant to restore output at the next full meeting in June: Trafigura
• Crude exports from OPEC countries subject to quotas fell by 112k b/d on the week to 16.986m b/d in the seven days to Feb. 18, according to Petro-Logistics.
• WAF crude oil exports to Asia in February are set to increase to the highest level in five months, amid a resurgence in flows to India and boosted China flows, Bloomberg said.
• The oil market is poised to tilt into a deficit during the summer in the western hemisphere with the ramp-up of new refineries in Mexico and Nigeria.
• MNI COMMODITY WEEKLY: – Full piece here: https://enews.marketnews.com/ct/x/pjJscQeMw-oI6a9vI08gHQ~k1zZ8KXr-kA8x6nAXsKiptIPjO1OcQ