US Weekly Oil Summary: Crude: Whiting Resumes Operations

BP’s 435kbpd Whiting, Indiana, refinery returned to normal operations after the plant wide power outage on 1 February, a BP spokesperson said on Monday.

• EIA Weekly US Petroleum Summary - w/w change week ending Mar 15: Crude stocks -1,952 vs Exp -733, Gasoline stocks -3,310 vs Exp -2,336, Implied mogas demand -235, Distillate stocks +624 vs Exp -239, Implied dist demand +411
• US oil production is set to rise in April to 9.769m b/d across the major shale plays, according to the EIA Drilling Productivity Report.
• US oil production will grow to exceed 14m b/d and then plateau, ConocoPhillips CEO said Mach 19, cited by Reuters.
• The US Department of Energy is seeking to buy 1.5mbbl sour crude oil for delivery into the SPR in September, according to a document on March 21.
• US Energy Secretary Jennifer Granholm said March 18 that the SPR is on track to "be at or exceeding" levels it would have been without a series of sales to ease spiking oil prices following Russia’s invasion of Ukraine.
• The greenback was among the strongest performers in G10 on Friday, and comfortably the best performer on the week amid a phase of global central bank re-pricing - particularly dovish shifts in Europe and the UK.
• The Fed still expects three 25bp rate cuts this year after keeping rates on hold March. 20 (which the market mostly buys for now with ~80bp of cuts priced for 2024).
• US March Flash Manufacturing PMI 52.5; Est 51.8. US March Flash Composite PMI 52.2 vs 52.5. US March Flash Composite PMI 52.2 vs 52.5.