Oil Summary at European Close: Crude Stable

Front month crude largely stable on the day, as the market weighs demand uncertainty and a stronger US dollar, against risks from Middle East tensions and Ukrainian attacks on Russian energy infrastructure.

• Brent APR 24 up 0% at 77.36$/bbl
• WTI MAR 24 down -0.1% at 72.18$/bbl
• The US intends to undertake further strikes in retaliation for the US personal killed by an Iranian backed militia the weekend before last according to White House National Security Adviser Jake Sullivan.
• Recent crude oil buying patterns have changed and looked increasingly more local as Houthi rebel attacks in the Red Sea and surging freight rates make more local supplies more attractive, sources told Bloomberg.
• The recent drone attacks on Russia’s energy infrastructure could be a larger disruption to global fuel supplies than attacks on shipping in the Red Sea, according to Bloomberg.
• Saudi Aramco is expected to announce the crude official selling prices for March in the coming days with market participants expecting the kingdom to raise or to keep Arab Light crude prices to Asia steady.
• Venezuela's exports of crude and refined products fell by 25% in January to 624kb/d according to LSEG based on vessel tracking data and PDVSA internal documents.
• Crude supply from the Americas headed for Europe has maintained strength in January while flows to Asia have slipped according to Vortexa.
• Caspian CPC crude prices have fallen as Asian buyers hold off on buying amid Red Sea chaos, according to Bloomberg, citing market sources.
• The number of vessels that were switched to Gabon’s flag surged fivefold in January, suggesting several Russian dark fleet tankers changed flag.
• Greek shipowners are moving away from Russian crude movements according to Bloomberg vessel tracking.