US Weekly Oil Summary: Whiting Refinery to Restart in March

BP is planning to restart its 435kbpd Whiting, Indiana, refinery at full production in March.

• The US is set to have a second, smaller refinery maintenance period peak in April, according to IIR Energy.
• US PADD 3 clean product exports remain strong despite heavy reported maintenance levels according to Vortexa.
• US West Coast crude traders are taking a “wait and see” approach ahead of the start-up of the TMX expansion: Platts.
• Shale producers will find it difficult to grow after dropping drilling rigs in 2023: WoodMac
• The Biden Administration approved a request to allow expanded sales of E15 gasoline from 2025.
• US Energy Secretary Jennifer Granholm said she, "doesn't want to do anything with replenishing strategic petroleum reserve that would affect oil prices."
• USD: Surging equities this week weighed on the greenback overall with the USD index down -0.37%. However, the moderate downward adjustment was capped by a further uptick for front-end US yields as Fed officials continue to strike caution on premature monetary easing.
• Fed Governor Christopher Waller said Feb. 22 that policymakers should delay interest rate cuts by at least a few more months.
• The US February flash PMI readings were mixed though on balance weaker than expected, signalling still solid but slowing growth and potentially softer price pressures.
• Jobless claims data pointed to a still-resilient labor market in mid-February. Initial claims unexpectedly fell to 201k in the week to Feb 16.
• The FOMC in its January meeting saw rates likely at their peak for this tightening cycle but expressed caution on easing too quickly.