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OIL: WTI and Brent sit a handful of cents higher on the day after the rebound
from lows that was seen during Monday's NY session, although that didn't stop
the benchmarks from closing ~$2.00 lower during the first session of the week.
Coronavirus matters will continue to dominate ahead of the early March OPEC+
gathering in Vienna, even with the Saudi Aramco CEO trying to play down the
longer term impact of the virus, noting that he only expects it to have a
short-term impact on demand.
- The plight of China's independent refiners has been well documented in recent
weeks. This has been highlighted by a RTRS source report noting that "Banks are
suspending the credit lines for some Chinese independent oil refineries amid
rising concerns about overall industrial defaults and as the coronavirus
outbreak has eaten into the processors' fuel sales. At least three independent
refiners have had $600 million (464 million pounds) in credit lines suspended by
international banks, said three refinery and trading executives and two finance
directors at the affected companies."
- The weekly API inventory estimates are due later today.