US Daily Oil Summary: Hess Reviewing Timeline for Merger

US oil producer Hess said March 7 that it was reviewing the timeline for closing its merger with Chevron, after Exxon Mobil signalled a potential counteroffer, according to Reuters.

• Exxon filed a contract arbitration claim linked to Hess’ proposed sale of its Guyana oil properties and suggested it may make a counteroffer.
• The US DOE announced a solicitation to purchase around 3mn barrels of oil for the SPR in September, it said in a statement.
• Exports of US crude oil fell 11% in January as domestic refineries refilled the stockpiles which were depleted in Q4 2023, according to census data compiled by Bloomberg.
• USD: The USD index is extending its short-term weakening trend, down a further 0.4% on the day and breaching the February lows. Price action may have been spurred on by a partially dovish read of Powell's comment that the Fed is “not far from confidence needed to cut rates" and partially on the poorer-than-expected weekly jobless claims.
• Household net worth increased by a large $4.8 trillion in Q4 after falling -$1.4tn in Q3. The move is almost entirely from the surge in equities, rising $4.7tn after -$1.7tn.
• Initial jobless claims were almost fully in line for no change on the week, at a seasonally adjusted 217k (cons 216k) after a slightly upward revised 217k (initial 215k).
• 21:00 ET 02:00 GMT: President Biden will deliver his annual State of the Union Address.