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US Daily Oil Summary: Crude Stocks See Unexpected Fall

OIL

Crude stocks showed an unexpected draw (-2,492 vs Exp -426) driven by a surge in exports back above 5mb/d and despite a large increase in exports and production back up at a record 13.3mb/d.

  • EIA Weekly US Petroleum Summary - w/w change week ending Jan 12: Crude stocks -2,492 vs Exp -426, Crude production +100, SPR stocks +596, Cushing stocks -2,099.
  • North Dakota oil production is down today ~500-550 MBOPD due to the recent extreme cold and related operations, based on MNI correspondence with the pipeline authority. Oil is up around 150 MBOPD since Jan. 17.
  • WTI prices at Magellan's East Houston terminal (MEH) have priced at a 45-cent premium per barrel average this month to its price at Midland, Texas - supported by tighter availability on Gulf bound pipelines according to Reuters.
  • The US has added tanker owner Hennesea Holdings to its sanctions list due to transporting Russian oil above the G7 price, cap, according to the US Treasury.
  • USD: A more stable risk backdrop prompted a quiet session for currency markets on Thursday, which saw the USD index consolidate towards the week's highs, keeping hold of the 1% gains from last Friday's close.
  • US WEEKLY JOBLESS CLAIMS AT 187,000 LAST WEEK; EST. 205,000. US Jan-6 Week Continuing Claims -26K to 1,806,000 DJ
  • MNI INTERVIEW: Oil Oversupplied Amid Sagging Demand-Dallas Fed https://marketnews.com/mni-interview-oil-oversupplied-amid-sagging-demand-dallas-fed
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