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US Daily Oil Summary: Venezuela Sanctions to Impact Naphtha Exports

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The re-imposition of oil sanctions by the US on Venezuela is likely to halt the flow of naphtha from the US to the South American country, according to Kpler.

  • Valero expects 2024 gasoline demand to be flat to slightly up from last year and diesel demand to be flat to slightly down from 2023, executives said during a Q1 earning’s call.
  • The Biden administration may leverage new Iran sanctions measures included in the recently passed US security package to pressure Chinese buyers to cut Iranian oil purchases, but the measures are unlikely to have a big impact in the near term, Platts said.
  • USD: The greenback has returned into losses on the day, despite earlier support from US data showing higher PCE and weaker Q1 GDP growth. The Bloomberg dollar spot index is currently down 0.11%.
  • Q1 Core PCE price index: 3.7% (3.4% expected, 2.0% prior) - unrounded figure to follow shortly.
  • Q1 GDP: 1.6% (2.5% expected, 3.4% prior)
  • Weekly claims comes out (207k vs. 215k est, 212k prior), continuing claims (1.781M vs. 1.814M est, prior down revised to 1.796M from 1.812M).
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The re-imposition of oil sanctions by the US on Venezuela is likely to halt the flow of naphtha from the US to the South American country, according to Kpler.

  • Valero expects 2024 gasoline demand to be flat to slightly up from last year and diesel demand to be flat to slightly down from 2023, executives said during a Q1 earning’s call.
  • The Biden administration may leverage new Iran sanctions measures included in the recently passed US security package to pressure Chinese buyers to cut Iranian oil purchases, but the measures are unlikely to have a big impact in the near term, Platts said.
  • USD: The greenback has returned into losses on the day, despite earlier support from US data showing higher PCE and weaker Q1 GDP growth. The Bloomberg dollar spot index is currently down 0.11%.
  • Q1 Core PCE price index: 3.7% (3.4% expected, 2.0% prior) - unrounded figure to follow shortly.
  • Q1 GDP: 1.6% (2.5% expected, 3.4% prior)
  • Weekly claims comes out (207k vs. 215k est, 212k prior), continuing claims (1.781M vs. 1.814M est, prior down revised to 1.796M from 1.812M).