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OIL: Oil Summary at European Close: Crude Highest Since Aug

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Crude extends gains from last week taking Brent to its highest since August, supported by fresh sanctions from the US administration on Russia.

  • Brent MAR 25 up 1.9% at 81.24$/bbl
  • WTI FEB 25 up 2.9% at 78.8$/bbl
  • Crude curve backwardation has strengthened significantly after the announcement of the latest US sanctions on Russia risks global supplies.
  • The U.S treasury on Friday issued details on a widely speculated list of further sanctions on Russian oil entities and quite comprehensive relative to previous restrictions.
  • New U.S. sanctions against Russia will be retaliated against according to the Russian Foreign Ministry.
  • A senior Indian bureaucrat told reporters that sanctioned vessels won’t be allowed to discharge. That excludes ships chartered before Jan. 10, provided they unload by March 12.
  • China's crude oil imports in December fell to 11.27mbpd, from 11.81mbpd in November: GACC data.
  • Short term Brent could exceed $85/bbl if new sanctions lower Russian oil output, reaching $90/bbl if it hits Iranian production, Goldman Sachs said.
  • US sanctions on Russian oil have driven a higher Brent price forecast for this year from Morgan Stanley.
  • Six European nations have called for a lower Russian oil price cap, currently at $60/b.
  • Oil is unlikely to get to $90/bbl and should remain in the $80s per barrel range following the US sanctions on Russian energy flows, said Mukesh Sahdev at Rystad Energy cited by Bloomberg.
  • Analysts Joe DeLaura and Florence Schmit write that oil markets face a surplus of at least 840kbd without OPEC+ intervention.
  • Global crude held on stationary tankers for longer than seven days fell 4.8% to 50.59mbbl as of Jan. 10 to extend the pull back from a high seen in early December.
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Crude extends gains from last week taking Brent to its highest since August, supported by fresh sanctions from the US administration on Russia.

  • Brent MAR 25 up 1.9% at 81.24$/bbl
  • WTI FEB 25 up 2.9% at 78.8$/bbl
  • Crude curve backwardation has strengthened significantly after the announcement of the latest US sanctions on Russia risks global supplies.
  • The U.S treasury on Friday issued details on a widely speculated list of further sanctions on Russian oil entities and quite comprehensive relative to previous restrictions.
  • New U.S. sanctions against Russia will be retaliated against according to the Russian Foreign Ministry.
  • A senior Indian bureaucrat told reporters that sanctioned vessels won’t be allowed to discharge. That excludes ships chartered before Jan. 10, provided they unload by March 12.
  • China's crude oil imports in December fell to 11.27mbpd, from 11.81mbpd in November: GACC data.
  • Short term Brent could exceed $85/bbl if new sanctions lower Russian oil output, reaching $90/bbl if it hits Iranian production, Goldman Sachs said.
  • US sanctions on Russian oil have driven a higher Brent price forecast for this year from Morgan Stanley.
  • Six European nations have called for a lower Russian oil price cap, currently at $60/b.
  • Oil is unlikely to get to $90/bbl and should remain in the $80s per barrel range following the US sanctions on Russian energy flows, said Mukesh Sahdev at Rystad Energy cited by Bloomberg.
  • Analysts Joe DeLaura and Florence Schmit write that oil markets face a surplus of at least 840kbd without OPEC+ intervention.
  • Global crude held on stationary tankers for longer than seven days fell 4.8% to 50.59mbbl as of Jan. 10 to extend the pull back from a high seen in early December.