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OIL: Oil End of Day Summary: Crude Falls on Ceasefire Approval

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WTI is heading for close trading lower after Netanyahu announced his approval of a ceasefire deal to end fighting with Hezbollah in Lebanon. 

  • WTI JAN 25 down 0.5% at 68.58$/bbl
  • President-elect Trump pledged to impose new tariffs on all imports from China, Mexico, and Canada.
  • US crude oil inventories are expected to have fallen by 0.5m bbl last week, a WSJ survey showed.
  • MEG Energy’s planned 25k b/d expansion of its Christina Lake oil sands site will start next year and be finished in late 2027.
  • China’s additional import quotas will offer little boost to the crude oil market according to Kpler.
  • Crude arrivals into Shandong’s teapots will likely rise in the rest of 2024 due to further import quotas according to OilChem speaking with MNI.
  • Iranian crude offer levels for China’s teapots are rising as suppliers fear tightening sanctions, Platts said.
  • Exports of four key Nigerian crude oil grades will reach 841,000 bpd in January according to Reuters.
  • Angola plans to lift 1.07m b/d of crude in January: Bloomberg.
  • Oil markets will be "comfortable" this year and in 2025 without any major geopolitical escalation, according to IEA Executive Director Fatih Birol.
  • Citi analysts say their supply/demand balances see no scope for OPEC+ to reverse production cuts in 2025.
  • The geopolitical risk premium priced into oil as of last week was “fairly modest” according to Goldman Sachs.
  • OPEC+ has a “strong case” to extend the pause to bring back voluntary cuts to as late as Q2 2025 to get a clearer market picture according to RBC’s Helima Croft.
  • OPEC+ has few options when it comes to returning oil production capacity it has been keeping off the market, trading houses said.
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WTI is heading for close trading lower after Netanyahu announced his approval of a ceasefire deal to end fighting with Hezbollah in Lebanon. 

  • WTI JAN 25 down 0.5% at 68.58$/bbl
  • President-elect Trump pledged to impose new tariffs on all imports from China, Mexico, and Canada.
  • US crude oil inventories are expected to have fallen by 0.5m bbl last week, a WSJ survey showed.
  • MEG Energy’s planned 25k b/d expansion of its Christina Lake oil sands site will start next year and be finished in late 2027.
  • China’s additional import quotas will offer little boost to the crude oil market according to Kpler.
  • Crude arrivals into Shandong’s teapots will likely rise in the rest of 2024 due to further import quotas according to OilChem speaking with MNI.
  • Iranian crude offer levels for China’s teapots are rising as suppliers fear tightening sanctions, Platts said.
  • Exports of four key Nigerian crude oil grades will reach 841,000 bpd in January according to Reuters.
  • Angola plans to lift 1.07m b/d of crude in January: Bloomberg.
  • Oil markets will be "comfortable" this year and in 2025 without any major geopolitical escalation, according to IEA Executive Director Fatih Birol.
  • Citi analysts say their supply/demand balances see no scope for OPEC+ to reverse production cuts in 2025.
  • The geopolitical risk premium priced into oil as of last week was “fairly modest” according to Goldman Sachs.
  • OPEC+ has a “strong case” to extend the pause to bring back voluntary cuts to as late as Q2 2025 to get a clearer market picture according to RBC’s Helima Croft.
  • OPEC+ has few options when it comes to returning oil production capacity it has been keeping off the market, trading houses said.