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AMERICAS OIL: WTI crude is slightly firmer amid supply concerns

AMERICAS OIL
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WTI crude is slightly firmer amid supply concerns offset by concern for China’s economy adds to demand uncertainty from U.S. tariffs, as well as rising output from OPEC+ producers.

  • China’s February’s CPI has slipped negative for the first time in 13 months, posing questions about the sustainability of China’s GDP 5% forecast. China’s import of energy fell in early 2025 with crude oil imports down 5% in January and February.
  • Funds cut net long positions on Brent by the most since July although WTI net longs positions recovered slightly after the declines in Feb.
  • Ukraine continued the recent drone strikes on Russian over the weekend, including an attack on the Novokuybyshevsk refinery, Telegram channel Astra said, while the Kirishi refinery was also attacked, Interfax said.
  • Iraq cut OSPs for Basrah Medium and Heavy to buyer in Asia for April. The cuts follow the cut to Saudi Arabia prices to Asia for the first time in three months.
  • Ukrainian President Zelenskyy said via X on Saturday, “Ukraine is determined to do everything to end this war with a just and lasting peace as soon as possible.”
  • The Kremlin says Russia and the US are at early stages when it comes to restoring ties, long and difficult work lies ahead.
  • Cracks are higher off of tighter inventories offset to some degree by tariff considerations and wavering global economic indicators.
    • WTI APR 25 up 0.3% at 67.22$/bbl
    • US gasoline crack up 0.4$/bbl at 21.90$/bbl
    • US ULSD crack up 0.3$/bbl at 26.13$/bbl
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WTI crude is slightly firmer amid supply concerns offset by concern for China’s economy adds to demand uncertainty from U.S. tariffs, as well as rising output from OPEC+ producers.

  • China’s February’s CPI has slipped negative for the first time in 13 months, posing questions about the sustainability of China’s GDP 5% forecast. China’s import of energy fell in early 2025 with crude oil imports down 5% in January and February.
  • Funds cut net long positions on Brent by the most since July although WTI net longs positions recovered slightly after the declines in Feb.
  • Ukraine continued the recent drone strikes on Russian over the weekend, including an attack on the Novokuybyshevsk refinery, Telegram channel Astra said, while the Kirishi refinery was also attacked, Interfax said.
  • Iraq cut OSPs for Basrah Medium and Heavy to buyer in Asia for April. The cuts follow the cut to Saudi Arabia prices to Asia for the first time in three months.
  • Ukrainian President Zelenskyy said via X on Saturday, “Ukraine is determined to do everything to end this war with a just and lasting peace as soon as possible.”
  • The Kremlin says Russia and the US are at early stages when it comes to restoring ties, long and difficult work lies ahead.
  • Cracks are higher off of tighter inventories offset to some degree by tariff considerations and wavering global economic indicators.
    • WTI APR 25 up 0.3% at 67.22$/bbl
    • US gasoline crack up 0.4$/bbl at 21.90$/bbl
    • US ULSD crack up 0.3$/bbl at 26.13$/bbl