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OIL: Oil Summary at European Close: Brent Back Below $80/b

OIL
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Crude losing ground today with Dated Brent dropping below $80/b. News that Trump will stop short of imposing tariffs immediately upon taking office, coupled with the implementation of the Gaza ceasefire have added pressure. 

  • Brent MAR 25 down 1.3% at 79.75$/bbl
  • WTI FEB 25 down 1.7% at 76.57$/bbl
  • President-elect Donald Trump will sign an executive order declaring a national energy emergency aimed at "unleashing affordable and reliable American energy," an official with the incoming White House told Reuters Jan. 20.
  • 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."
  • Saudi's market share of China’s crude imports rebounded in Q4 2024 following OSP price cuts and lower Iranian supply.
  • Commodities like oil are pricing in the probability of U.S. tariffs once President-elect Donald Trump takes office today, Goldman Sachs said.
  • Rates for VLCC’s on the Middle East to China route jumped 112% to $57,589 in the week through Friday, according to Baltic Exchange data following the latest U.S. sanctions on Russia.
  • 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 cited by Bloomberg.
  • Yemen’s Houthi’s intend to limit their attacks on ships to Israeli linked vessels following the Gaza ceasefire, HOCC said.
  • 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.
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Crude losing ground today with Dated Brent dropping below $80/b. News that Trump will stop short of imposing tariffs immediately upon taking office, coupled with the implementation of the Gaza ceasefire have added pressure. 

  • Brent MAR 25 down 1.3% at 79.75$/bbl
  • WTI FEB 25 down 1.7% at 76.57$/bbl
  • President-elect Donald Trump will sign an executive order declaring a national energy emergency aimed at "unleashing affordable and reliable American energy," an official with the incoming White House told Reuters Jan. 20.
  • 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."
  • Saudi's market share of China’s crude imports rebounded in Q4 2024 following OSP price cuts and lower Iranian supply.
  • Commodities like oil are pricing in the probability of U.S. tariffs once President-elect Donald Trump takes office today, Goldman Sachs said.
  • Rates for VLCC’s on the Middle East to China route jumped 112% to $57,589 in the week through Friday, according to Baltic Exchange data following the latest U.S. sanctions on Russia.
  • 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 cited by Bloomberg.
  • Yemen’s Houthi’s intend to limit their attacks on ships to Israeli linked vessels following the Gaza ceasefire, HOCC said.
  • 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.