The Americas Daily Oil Summary: Venezuela’s Oil Exports Plummet

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.

• The Biden administration sent officials to Guyana on Sunday as they look to deescalate the dispute with Venezuela over the oil rich Essequibo region.
• 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.
• Weekly (Sun-Sat) US gasoline demand increased 4.6% from the prior week to the highest level since Christmas and was 4.0% above the average of the last four weeks according to GasBuddy data.
• Crude supply from the Americas headed for Europe has maintained strength in January while flows to Asia have slipped according to Vortexa.
• Chile’s ENAP is restarting its second-biggest oil refinery according to Bloomberg.
• USD: Further hawkish re-pricing in the US extended the post-NFP greenback advance, prompting the USD index (+0.47%) to briefly trade at the highest level since Nov 14 on Monday.
• S&P Global service and composite PMIs were revised down in the final January print. Only a marginal rise in services output prices led to the weakest increase in overall charge inflation since May 2020: Services: 52.5 in Jan final (flash 52.9) from 51.4 in Dec Composite: 52.0 in Jan final (flash 52.3) from 50.9 in Dec.
• ISM Services bounced more than expected in January to 53.4 (cons 52.0) after 50.5 in Dec – joint highest since Sept.