MNI: PBOC Net Drains CNY68.6 Bln via OMO Thursday

MNI: PBOC Sets Yuan Parity Higher At 7.1728 Thurs; -0.64% Y/Y

MNI China Press Digest March 13: SMEs, Shipping, Guangdong

MNI BRIEF: US Budget Deficit At $1.15T Thru Feb

CORRECTED-MNI BRIEF: Brazil's Inflation Rises To 5.06% In Feb

MNI China Daily Summary: Wednesday, March 12

MNI: US FEB TREASURY BUDGET -$307.0B

EZ/UK T-Bill Calendar: 1/3/6-month UKTB Due Thursday

EZ/UK Bond Supply Calendar: Greece Synd / Italy Auction Thurs

GERMANY: Union/SPD Migration Alignment After Turmoil Threatened Debt Deal (BILD)

GERMANY: Official Interim Election Results Tilt Towards Missing BSW & FDP

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

AMERICAS OIL: WTI Crude is higher on the day amidst a weaker dollar

AMERICAS OIL
USEnergy BulletsNorth AmericaBulletCommodities

{US}{7i} March 12 - Americas End-of-Day Oil Summary: WTI Crude is higher on the day amidst a weaker dollar as the market also assesses increasing global trade friction and potential for further sanctions on Russia/Iran. However, sentiment is undermined by concerns around global demand, centered around the US and China, and rising OPEC+ output from April.

  • President Sheinbaum said Wednesday that Mexico’s administration would wait to respond to the implementation of steel and aluminum tariffs until April 2. Canada is set to impose 25% retaliatory tariffs on C$29.8bn of US goods from March 13.
  • OPEC has kept its 2025 world oil demand growth forecast stable at 1.45m b/d for 2025, according to their March Monthly Oil Market Report.
  • EIA data showed that US crude inventories rose roughly in line with expectations by 1.45mbbl with an increase in refinery runs and drop in exports back to 3.29mbpd.
  • US CPI came in below expectations: US CPI Feb’25 Unrounded % M/M (SA): Headline 0.216%; Core: 0.227% (0.446% prior mth)
  • Ukraine has accepted a 30-day ceasefire proposal from the US but Russia has said that it will only approve it on its own terms and not the US terms. If it refuses, President Trump has threatened more sanctions and also tariffs on the country.
  • Yemen's Houthis said it will resume attacks on commercial shipping transiting the Red Sea which will likely further deter transit through the region.
  • Venezuela’s President Nicolas Maduro, speaking on state tv, said the country’s oil output averaged 1.058m b/d in February.
  • The NOAA 6–14-day outlook is nominally bearish for heating demand through March 25 with below-normal conditions forecast in the West, but milder conditions expected in the eastern half of the continent. Elevated heating demand remains likely in PADDs 4 and 5, with below normal demand in most of PADDs 1-3.
  • US cracks diverged, with diesel cracks lower after EIA data showed another weekly drop in implied demand. Gasoline cracks rose after a larger-than-expected decline in stocks, in part due to an increase in implied demand.
    • WTI Apr futures were up 2.3% at $67.75
    • WTI May futures were up 2.3% at $67.46
    • RBOB Apr futures were up 2.1% at $2.15
    • ULSD Apr futures were up 0.5% at $2.21
    • US gasoline crack up 0.3$/bbl at 22.54$/bbl
    • US ULSD crack down 1.2$/bbl at 24.98$/bbl
369 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.

{US}{7i} March 12 - Americas End-of-Day Oil Summary: WTI Crude is higher on the day amidst a weaker dollar as the market also assesses increasing global trade friction and potential for further sanctions on Russia/Iran. However, sentiment is undermined by concerns around global demand, centered around the US and China, and rising OPEC+ output from April.

  • President Sheinbaum said Wednesday that Mexico’s administration would wait to respond to the implementation of steel and aluminum tariffs until April 2. Canada is set to impose 25% retaliatory tariffs on C$29.8bn of US goods from March 13.
  • OPEC has kept its 2025 world oil demand growth forecast stable at 1.45m b/d for 2025, according to their March Monthly Oil Market Report.
  • EIA data showed that US crude inventories rose roughly in line with expectations by 1.45mbbl with an increase in refinery runs and drop in exports back to 3.29mbpd.
  • US CPI came in below expectations: US CPI Feb’25 Unrounded % M/M (SA): Headline 0.216%; Core: 0.227% (0.446% prior mth)
  • Ukraine has accepted a 30-day ceasefire proposal from the US but Russia has said that it will only approve it on its own terms and not the US terms. If it refuses, President Trump has threatened more sanctions and also tariffs on the country.
  • Yemen's Houthis said it will resume attacks on commercial shipping transiting the Red Sea which will likely further deter transit through the region.
  • Venezuela’s President Nicolas Maduro, speaking on state tv, said the country’s oil output averaged 1.058m b/d in February.
  • The NOAA 6–14-day outlook is nominally bearish for heating demand through March 25 with below-normal conditions forecast in the West, but milder conditions expected in the eastern half of the continent. Elevated heating demand remains likely in PADDs 4 and 5, with below normal demand in most of PADDs 1-3.
  • US cracks diverged, with diesel cracks lower after EIA data showed another weekly drop in implied demand. Gasoline cracks rose after a larger-than-expected decline in stocks, in part due to an increase in implied demand.
    • WTI Apr futures were up 2.3% at $67.75
    • WTI May futures were up 2.3% at $67.46
    • RBOB Apr futures were up 2.1% at $2.15
    • ULSD Apr futures were up 0.5% at $2.21
    • US gasoline crack up 0.3$/bbl at 22.54$/bbl
    • US ULSD crack down 1.2$/bbl at 24.98$/bbl