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OIL: Oil End of Day Summary: WTI up 2% on Week

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WTI is easing back today but remain set for a weekly gain of around 2%. Support comes as US sanctions impact global supply, redirecting flows and increasing shipping rates.

  • WTI FEB 25 down 1.1% at 77.85$/bbl
  • The US total oil rig count was down 2 on the week at 478 rigs, according to Baker Hughes. This is down 21 rigs, or 4.2% on the year.
  • US sanctioning of individual vessels have been very effective in limiting further employment of Russian trade, Vortexa said, effectively cutting off designated vessels from the international markets.
  • Drawing inventories, strong distillate demand and the latest sanctions impacting Russian oil are supporting energy at present according to Goldman Sachs.
  • Oil prices hinge on China and OPEC this year according to Ineos .
  • Barclays said that oil prices have largely converged to their fair value estimates of $83/b, as positioning has increased to levels more consistent with spot fundamentals
  • Shipping companies expressed caution about any quick return to the Red Sea route, after the Yemen-based Houthis signalled a pause in their attacks on commercial vessels, Bloomberg said.
  • The discount for FOB Urals to Dated Brent has started to widen amid additional sanctions on Russian energy.
  • Russian oil freight rates from its western ports to India have risen by 25% after the latest US sanctions on tankers carrying Russian oil, Reuters said.
  • Chinese buyers are turning towards Kazakh crude as they look to reduce exposure to Russian barrels following new sanctions.
  • Seaborne crude supply data suggests the market cannot afford to lose much of Russian and Iranian supplies, Vortexa said.
  • Indian Oil Corp has purchased 7mbbl of spot Middle Eastern and African crude oil via tenders, Reuters said.
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WTI is easing back today but remain set for a weekly gain of around 2%. Support comes as US sanctions impact global supply, redirecting flows and increasing shipping rates.

  • WTI FEB 25 down 1.1% at 77.85$/bbl
  • The US total oil rig count was down 2 on the week at 478 rigs, according to Baker Hughes. This is down 21 rigs, or 4.2% on the year.
  • US sanctioning of individual vessels have been very effective in limiting further employment of Russian trade, Vortexa said, effectively cutting off designated vessels from the international markets.
  • Drawing inventories, strong distillate demand and the latest sanctions impacting Russian oil are supporting energy at present according to Goldman Sachs.
  • Oil prices hinge on China and OPEC this year according to Ineos .
  • Barclays said that oil prices have largely converged to their fair value estimates of $83/b, as positioning has increased to levels more consistent with spot fundamentals
  • Shipping companies expressed caution about any quick return to the Red Sea route, after the Yemen-based Houthis signalled a pause in their attacks on commercial vessels, Bloomberg said.
  • The discount for FOB Urals to Dated Brent has started to widen amid additional sanctions on Russian energy.
  • Russian oil freight rates from its western ports to India have risen by 25% after the latest US sanctions on tankers carrying Russian oil, Reuters said.
  • Chinese buyers are turning towards Kazakh crude as they look to reduce exposure to Russian barrels following new sanctions.
  • Seaborne crude supply data suggests the market cannot afford to lose much of Russian and Iranian supplies, Vortexa said.
  • Indian Oil Corp has purchased 7mbbl of spot Middle Eastern and African crude oil via tenders, Reuters said.