US Daily Oil Summary: North Dakota Output Falls Further

North Dakota’s oil output has been further reduced by 650-700kbpd due to the ongoing freezing weather, Justin Kringstad, director of state’s pipeline authority, said.

• Observed crude oil shipments into Europe from the USGC are set to remain at around 2m b/d for a second successive month, according to Bloomberg citing tanker tracking data.
• Total is preparing to restart multiple units at its Port Arthur refinery in Texas that were shut due to a sudden power loss on Jan. 16., the company said in a notice.
• ExxonMobil’s Baytown refinery in Texas remains at reduced rates amid cold weather conditions, according to Bloomberg citing spokesperson Lauren Knight.
• USD: Further upward pressure on US yields, and the notable 15bp move for the 2-year, has prompted an extension of overall greenback strength on Wednesday. The 0.2% advance for the USD index screens as more moderate than the prior session but extends the week’s advance to 1.12%. Greenback gains have once again been most notable against the struggling Japanese Yen.
• US Dec industrial production rises 0.1% m/m; est. -0.1%
• Atlanta Fed GDPNow is revised up 2.4% for Q4 from 2.2% with the Jan 10 estimate, with various data points in the interim.
• White House National Security Adviser Jake Sullivan has released a statement confirming that the Houthi rebels in Yemen have been re-designated as a 'specially designated terrorist group'.