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AMERICAS OIL: WTI crude is holding just above the previous close

AMERICAS OIL
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WTI crude is holding just above the previous close supported by manufacturing data from China and a weaker US dollar amid uncertainty over any progress towards a Ukraine peace deal and potential US tariffs this week.

  • The 10% tariffs on purchases of energy from Canada and Mexico are due to be imposed on Tuesday. Bloomberg reports that around 80% of the US’ oil imports could be at risk from trade and sanctions policies. US Commerce Secretary Howard Lutnick said the tariffs on Canada and Mexico are set for Tuesday but could be something other than 25%.
  • News from the Global Times today said that China is considering its options with the US vowing to add an extra 10% tariff on imports from China also from Tuesday. US agricultural products may be targeted and both tariff and non-tariff measures are being examined.
  • Official China data showed manufacturing activity in February expanded at the fastest pace in three months with focus on any further support measures from China's annual parliamentary meeting this week.
  • Iraq has invited international oil companies operating in the Kurdish region for a meeting on Tuesday to discuss the resumption of oil export flows, the Iraqi oil ministry said.
  • Funds have cut net long positioning in WTI to the lowest since 2010.
  • OPEC+ is widely expected to delay the return of cuts. An announcement on output policy for April could come after Saudi OSPs are released later this week.
  • Crude held in floating storage stationary for at least seven days rose 6.9% w/w to 73.93 mbbl as of Feb 28 according to Vortexa cited by Bloomberg.
  • Western Canada Select crude differentials are set to dive if US tariffs take effect on Mar 4, according to Sparta Commodities cited by Bloomberg.
  • Cracks are lower as a warmer US forecast undermines heating demand and as rising global trade friction is assessed.
    • WTI APR 25 up 0.1% at 69.86$/bbl
    • US gasoline crack down 0.1$/bbl at 23.62$/bbl
    • US ULSD crack down 0.5$/bbl at 27.11$/bbl
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WTI crude is holding just above the previous close supported by manufacturing data from China and a weaker US dollar amid uncertainty over any progress towards a Ukraine peace deal and potential US tariffs this week.

  • The 10% tariffs on purchases of energy from Canada and Mexico are due to be imposed on Tuesday. Bloomberg reports that around 80% of the US’ oil imports could be at risk from trade and sanctions policies. US Commerce Secretary Howard Lutnick said the tariffs on Canada and Mexico are set for Tuesday but could be something other than 25%.
  • News from the Global Times today said that China is considering its options with the US vowing to add an extra 10% tariff on imports from China also from Tuesday. US agricultural products may be targeted and both tariff and non-tariff measures are being examined.
  • Official China data showed manufacturing activity in February expanded at the fastest pace in three months with focus on any further support measures from China's annual parliamentary meeting this week.
  • Iraq has invited international oil companies operating in the Kurdish region for a meeting on Tuesday to discuss the resumption of oil export flows, the Iraqi oil ministry said.
  • Funds have cut net long positioning in WTI to the lowest since 2010.
  • OPEC+ is widely expected to delay the return of cuts. An announcement on output policy for April could come after Saudi OSPs are released later this week.
  • Crude held in floating storage stationary for at least seven days rose 6.9% w/w to 73.93 mbbl as of Feb 28 according to Vortexa cited by Bloomberg.
  • Western Canada Select crude differentials are set to dive if US tariffs take effect on Mar 4, according to Sparta Commodities cited by Bloomberg.
  • Cracks are lower as a warmer US forecast undermines heating demand and as rising global trade friction is assessed.
    • WTI APR 25 up 0.1% at 69.86$/bbl
    • US gasoline crack down 0.1$/bbl at 23.62$/bbl
    • US ULSD crack down 0.5$/bbl at 27.11$/bbl