US Daily Oil Summary: US to Allow Venezuela Sanction Relief to Expire

The US government will not renew the sanctions relief on Venezuela unless there is progress on allowing all presidential candidates to compete in this year’s election. according to Matthew Miller, US State Department Spokesperson.

• The US largest crude refiner Marathon Petroleum expects steady year-on-year demand for gasoline, diesel, and jet fuel, CEO Michael Hennigan said in an earnings call.
• Marathon also expect record levels of global oil demand growth in 2024.
• US implied jet fuel demand in the week to Feb. 5 is expected to fall 0.21% on the week to 1.486m b/d, according to BNEF.
• USD: Moderate greenback weakness reversed following an above estimate reading for US JOLTS Job Openings on Tuesday. However intra-day currency ranges remain narrow and the USD index remains little changed on the week as we approach tomorrow's FOMC decision/press conference.
• The IMF projects that US growth will fall from 2.5% in 2023 to 2.1% in 2024 and 1.7% in 2025, with the lagged effects of monetary policy tightening, gradual fiscal tightening, and a softening in labor markets slowing aggregate demand.
• US President Joe Biden has told reporters that he has, "decided how to respond," to a drone attack that killed US service members in Jordan on Sunday, but declined to elaborate, according to Reuters.