Oil Summary at European Close: Crude Falls Back

Crude gains have fallen back on the day, briefly going negative, following a larger than expected build in inventories according to the latest weekly EIA petroleum data.

• Brent APR 24 up 0.1% at 82.88$/bbl
• WTI MAR 24 up 0.1% at 77.95$/bbl
• EIA Weekly US Petroleum Summary - w/w change week ending Feb 09: Crude stocks +12,018 vs Exp +3,299, Crude production 0, SPR stocks +746, Cushing stocks +710
• The oil Ministries of both Kazakhstan & Iraq said Feb. 14 that they will compensate for its overproduction in January over the next four months, as part of its OPEC+ obligations.
• Kazakhstan’s crude and condensate output was 7.8m mt in January, according to the official figures released by the Ministry of Energy.
• China’s crude oil imports from Iran fell to the lowest since Feb at around 986kbpd in Jan according to Bloomberg citing Kpler data.
• A brent price above $90/bbl would more adequately reflect current fundamentals and risk to the oil markets according to Paul Horsnell, Standard Chartered’s head of commodities research.
• Global fuel markets will be more vulnerable to price and supply shocks amid refinery maintenance and Red Sea disruption according to Rystad.
• The BTC pipeline pumped 2.486mn tons of oil last month, down by 1.9% on the year according to Azerbaijan's State Statistics Committee.
• MNI COMMODITY WEEKLY: New Refinery Capacity to Upend Global Product Flows - Full piece here: https://enews.marketnews.com/ct/x/pjJscQTckb8I6a9hdxp-Eg~k1zZ8KXr-kA8x6nDDpD3ptIPjO1OcQ