US Daily Oil Summary: Crude Build Below Expectations

US crude stocks built less than expected with a rise in exports back towards 5mb/d while production held at record levels and refinery utilisation remained unchanged on the week due to ongoing outages.

• US West Coast crude traders are taking a “wait and see” approach ahead of the start-up of the TMX expansion, according to Platts.
• Shale producers will find it difficult to grow after dropping drilling rigs in 2023, according to a report by WoodMac cited by Bloomberg.
• The Biden Administration confirmed Feb. 22 that it approved a request to allow expanded sales of gasoline with higher ethanol contents, confirming reports earlier in the week, Reuters said.
• BP is planning to restart its 435kbpd Whiting, Indiana, refinery at full production in March.
• USD: The US dollar spot index has brushed off losses during early European trading to be near rangebound on the day at 1242.07, down 0.01%. It has traded between 1237.01 and 1243.87.
• The US February flash PMI readings were mixed though on balance weaker than expected, signalling still solid but slowing growth and potentially softer price pressures.
• S&P GLOBAL FEB. SERVICES PMI AT 51.3 VS 52.5 LAST MONTH. US S&P GLOBAL FEB. MANUFACTURING PMI AT 51.5 VS 50.7 PRIOR
• Jobless claims data pointed to a still-resilient labor market in mid-February. Initial claims unexpectedly fell to 201k in the week to Feb 16 (216k expected vs 213k prior, upwardly revised by 1k)