Oil Summary at European Close: Crude Regains Ground

Crude markets have recovered from earlier lows of $80.74/bbl to trade higher on the day. A lower US dollar and a new attack on a vessel in the Red is offsetting earlier declines driven by a large US crude inventory build.

• Brent APR 24 up 1.2% at 82.54$/bbl
• WTI MAR 24 up 1.4% at 77.7$/bbl
• Wires carrying comments from Houthi leader Abdul Malik al-Houthi stating that "We will continue our operations as long as Israel continues its crimes."
• Global oil demand growth is forecast to rise by 1.2mbpd, unchanged from last month’s report, according to the IEA Monthly Oil Market Report.
• The volume of crude oil in floating storage increased to the highest since Oct. 22 at about 56mbbls on Feb. 13, according to Kpler.
• Russia's January seaborne oil product exports fell to 10.792 million metric tons in January down 2% m/m and 8.6% y/y due to lower processing and unplanned repair work according to Reuters sources.
• Russia’s crude oil exports are expected to rise in the near-term as the country cuts refinery throughput in the wake of Ukrainian drone strikes on facilities, Kpler said cited by Bloomberg.
• Russian Urals grade crude has risen to above $66/bbl from Western ports amid stable freight rates and narrowing discounts for March goes, traders told Reuters.
• A Ukrainian drone attack hit an oil storage depot in Russia’s Kursk region, which resulted in a fire Governor Roman Starovoyt said via Telegram.