MNI BRIEF: Job On Inflation Not Done, Care Needed - BOE Pill

MNI BRIEF: StatsCan Reviews Factory Jobs and U.S. Demand

CANADA JAN jobs UP for 3rd month in a row +76K VS PRIOR +90.9K

MNI BRIEF: Mexico Inflation Down To 3.59% In January

MNI BRIEF: Tariffs Force CBRT To Hike 2025 Inflation Forecast

MNI China Daily Summary: Friday, February 7

EZ/UK T-Bill Calendar: 13/14/28/50-Week BTF Auction on Monday

MNI:US DEC WHOLESALE INV -0.5%; SALES 1%

MNI: UNIV OF MICHIGAN CONSUMER SENTIMENT PRELIMINARY FEB INDEX 67.8

GERMANY: Economy Ministry Lowers 2025 Growth Forecast As Expected

MNI EXCLUSIVE: EU-Mercosur Deal Close, But Likely Short-Lived - Officials

GERMANY: Kukies Considers Potential Non-Implementation Of 2024 Suppl' Budget

© 1982-2025 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

AMERICAS OIL: WTI crude is higher are edging higher today

AMERICAS OIL
USEnergy BulletsNorth AmericaBulletCommodities

WTI crude is higher are edging higher today after Thursday’s volatile trading amid uncertainty around tariffs and jawboning to get OPEC+ to increase output. President Trump turned his attention to OPEC+ pledging to increase production and followed news that the US Treasury secretary sanctioned an international network known to facilitate shipments of Iranian oil into China. The sanctions capture individuals, specific vessels and companies operating in China, UAE and India.

  • Upside is limited by oversupply risks with the potential for increased production from OPEC+ while tariff risk weighs on global oil demand.
  • Market tightness is showing signs of easing with the prompt WTI spread falling to the lowest since early December to a low of $0.21/bbl yesterday from briefly over $1/bbl at the start of the week.
  • The Russian Urals prices has fallen below the $60/bbl price cap for the first time since December, Bloomberg said, with Argus data showing discounts as high as $16/bbl following US sanctions announced in January.
  • Canada’s Trans Mountain oil pipeline, which enables export on the Pacific Coast to Asia, could fill to capacity as early as this year if tariffs are imposed, an executive said. The pipeline could add between 200k and 300kb/d of capacity.
  • Diesel and gasoline cracks rose yesterday, supported by the drop in crude and following rises in implied demand data this week and ahead of the upcoming maintenance season.
  • The US is likely to remain the world’s top crude producer for some time to come, according to shale executives cited by Argus.
  • Exxon Mobil’s Baton Rouge, LA, refinery has shut its 110k b/d Pipestill 8 crude unit for turnaround, Bloomberg sources reported on Thursday.
  • Prompt WTI crude time spreads are holding near the lowest since early December amid oversupply risks with President Trump pledging to increase production, the potential for more OPEC+ production and the tariff risk weighing on global demand.
    • WTI MAR 25 up 0.8% at 71.14$/bbl
    • US gasoline crack down 0.1$/bbl at 16.49$/bbl
    • US ULSD crack down 0.1$/bbl at 30.48$/bbl
323 words

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.

WTI crude is higher are edging higher today after Thursday’s volatile trading amid uncertainty around tariffs and jawboning to get OPEC+ to increase output. President Trump turned his attention to OPEC+ pledging to increase production and followed news that the US Treasury secretary sanctioned an international network known to facilitate shipments of Iranian oil into China. The sanctions capture individuals, specific vessels and companies operating in China, UAE and India.

  • Upside is limited by oversupply risks with the potential for increased production from OPEC+ while tariff risk weighs on global oil demand.
  • Market tightness is showing signs of easing with the prompt WTI spread falling to the lowest since early December to a low of $0.21/bbl yesterday from briefly over $1/bbl at the start of the week.
  • The Russian Urals prices has fallen below the $60/bbl price cap for the first time since December, Bloomberg said, with Argus data showing discounts as high as $16/bbl following US sanctions announced in January.
  • Canada’s Trans Mountain oil pipeline, which enables export on the Pacific Coast to Asia, could fill to capacity as early as this year if tariffs are imposed, an executive said. The pipeline could add between 200k and 300kb/d of capacity.
  • Diesel and gasoline cracks rose yesterday, supported by the drop in crude and following rises in implied demand data this week and ahead of the upcoming maintenance season.
  • The US is likely to remain the world’s top crude producer for some time to come, according to shale executives cited by Argus.
  • Exxon Mobil’s Baton Rouge, LA, refinery has shut its 110k b/d Pipestill 8 crude unit for turnaround, Bloomberg sources reported on Thursday.
  • Prompt WTI crude time spreads are holding near the lowest since early December amid oversupply risks with President Trump pledging to increase production, the potential for more OPEC+ production and the tariff risk weighing on global demand.
    • WTI MAR 25 up 0.8% at 71.14$/bbl
    • US gasoline crack down 0.1$/bbl at 16.49$/bbl
    • US ULSD crack down 0.1$/bbl at 30.48$/bbl