US Daily Oil Summary: Large US Crude Build

Crude inventories build more than expected and greater than showed in the API data driven by a further drop in refinery runs to offset lower imports and a recovery in exports.

• EIA Weekly US Petroleum Summary - w/w change week ending Feb 09: Crude stocks +12,018 vs Exp +3,299, Crude production 0, SPR stocks +746, Cushing stocks +710
• BP is buying refined products on the market to meet contractual obligations for wholesale fuel customers due to the continued outage of its 435,000 bpd Whiting, Indiana refinery according to Argus reports. The refinery has been offline since a Feb 1 power outage.
• The 168kb/d Citgo Corpus Christi refinery in Texas is planning to shut multiple units in Q2 for maintenance according to Bloomberg sources.
• US officials said they are "deeply concerned" by reports that human rights activist Rocio San Miguel and members of her family have been arrested in Venezuela – a move which further complicates energy sanctions relief.
• “On Feb. 13, at approximately 2:35 p.m. (Sanaa time), U.S. Central Command (CENTCOM) forces successfully conducted a self-defense strike against one mobile anti-ship cruise missile (ASCM), in Iranian-backed Houthi controlled areas of Yemen, that was prepared to launch against ships in the Red Sea.”
• USD: The Bloomberg dollar spot index is down 0.17% today to 1248.17.
• MBA composite mortgage applications fell -2.3% last week, with both purchases (-2.5%) and refis (-2.1%) moving back in sync after some particularly large discrepancies in recent weeks.