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OIL: Mid-Day Oil Summary: Crude Trading Near Range Lows

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Crude futures are trading at recent range lows with a fragile Israel and Hezbollah ceasefire while reports this week suggest OPEC+ is discussing output return delays for Q1 2025.

  • The ceasefire remains in place, but Israel and Lebanon blamed each other on Thursday for violating a fragile US-brokered agreement that came into effect a day earlier.
  • Saudi Aramco may cut the Arab Light OSP to Asia by $0.70/bbl in January to a premium of $1.00/bbl to the Oman-Dubai benchmark, according to a Bloomberg survey.
  • The ramp up in Canadian flows following the TMX expansion has pushed more barrels towards PADD 5 and Asia since opening Vortexa vessel tracking shows.
  • China’s refined product exports are planned at 1.94m mt in December, down 37% from planned November volumes, OilChem said.
  • Asia’s hi-5 fuel oil spread narrowed by over 20% on the week reflecting a weaker market for VLSFO, while HSFO has gained ground, Reuters said.
  • Imperial reports it restarted processing equipment at its 120kbpd Sarnia refinery in Canada on Thursday following planned maintenance.
    • Brent FEB 25 down 0.3% at 72.58$/bbl
    • WTI JAN 25 up 0.1% at 68.8$/bbl
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Crude futures are trading at recent range lows with a fragile Israel and Hezbollah ceasefire while reports this week suggest OPEC+ is discussing output return delays for Q1 2025.

  • The ceasefire remains in place, but Israel and Lebanon blamed each other on Thursday for violating a fragile US-brokered agreement that came into effect a day earlier.
  • Saudi Aramco may cut the Arab Light OSP to Asia by $0.70/bbl in January to a premium of $1.00/bbl to the Oman-Dubai benchmark, according to a Bloomberg survey.
  • The ramp up in Canadian flows following the TMX expansion has pushed more barrels towards PADD 5 and Asia since opening Vortexa vessel tracking shows.
  • China’s refined product exports are planned at 1.94m mt in December, down 37% from planned November volumes, OilChem said.
  • Asia’s hi-5 fuel oil spread narrowed by over 20% on the week reflecting a weaker market for VLSFO, while HSFO has gained ground, Reuters said.
  • Imperial reports it restarted processing equipment at its 120kbpd Sarnia refinery in Canada on Thursday following planned maintenance.
    • Brent FEB 25 down 0.3% at 72.58$/bbl
    • WTI JAN 25 up 0.1% at 68.8$/bbl