US Weekly Oil Summary: Whiting Refinery Out for Feb

BP’s Whiting, Indiana, refinery will take at least until the end of February to restore normal operations after the power loss on 1 February.

• 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,
• Crude inventories build more than expected (+12,018 vs Exp +3,299) in this week’s EIA data.
• Motiva Enterprises has delayed the restart of the large coker at its 626,000 bpd Port Arthur, Texas refinery for at least a week according to Reuters sources.
• TotalEnergies completed the restart of the crude distillation and gasoline making units at its 238k bpd port Arthur, Texas refinery on Thursday according to Reuters sources.
• The US Department of Energy awarded contracts for the replenishment of 2.95mn barrels of US crude oil for the SPR in June on Thursday according to a statement.
• USD: Hotter-than-expected US CPI prompted a near 1% rally for the USD index early in the week. However, as major equity indices steadily recovered their post-data selloff, the greenback pared around three quarters of this move, and the DXY is up just 0.17% as we approach the week's close.
• US DATA: Unrounded Jan-24 PPI. Unrounded Jan-24 final demand PPI: 0.33% M/M (-0.15% prior).
• US retail sales came in weaker than expected in January's advance estimates, with the headline figure printing -0.8% M/M (vs -0.2% survey, 0.4% prior revised down from 0.6%).
• US JAN. CONSUMER PRICES INCREASE 0.3% M/M; EST. 0.2%. Core CPI: 0.392% M/M in Jan (BBG median 0.3, av 0.28)