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AMERICAS OIL: WTI crude is up tepidly following earlier weakness

AMERICAS OIL
USEnergy BulletsNorth AmericaBulletCommodities

WTI crude is up tepidly following earlier weakness as traders continue to assess the potential implications of a trade war impacting demand as President Trump threatens tariffs on goods imported from Mexico, Canada and China.

  • Tighter global supply concerns due to sanctions on Russia and Iran are still providing support as Asian buyers look to non-sanctioned Middle East barrels and driving up shipping costs. Some Asian refineries are looking to reduce output due to narrower margins.
  • EIA will report weekly inventory data today and are expected to show a crude stock draw of 0.83mbbl with builds in gasoline and distillates. Canadian producers and US refiners anticipate 25% tariffs from Feb 1 and are front loading supplies.
  • API data yesterday showed a crude stock build of 1mbbl, according to Bloomberg. Gasoline stocks rose 3.2mbbl and distillates rose 1.9mbbl.
  • US refinery capacity has taken a significant hit in January, with over 830kb/d offline due to seasonal maintenance activity, Kpler said. Two Port Arthur refineries lost power to some process units on Jan 21 due to the winter storm.
  • Delta Air Line’s 190kb/d Monroe Trainer refinery in Pennsylvania, which processes mostly North Am light sweet crude, has started maintenance a week earlier than planned, Bloomberg sources said.
    • WTI MAR 25 up 0.3% at 75.67$/bbl
    • US gasoline crack up 0.5$/bbl at 12.74$/bbl
    • US ULSD crack up 0.3$/bbl at 26.52$/bbl
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WTI crude is up tepidly following earlier weakness as traders continue to assess the potential implications of a trade war impacting demand as President Trump threatens tariffs on goods imported from Mexico, Canada and China.

  • Tighter global supply concerns due to sanctions on Russia and Iran are still providing support as Asian buyers look to non-sanctioned Middle East barrels and driving up shipping costs. Some Asian refineries are looking to reduce output due to narrower margins.
  • EIA will report weekly inventory data today and are expected to show a crude stock draw of 0.83mbbl with builds in gasoline and distillates. Canadian producers and US refiners anticipate 25% tariffs from Feb 1 and are front loading supplies.
  • API data yesterday showed a crude stock build of 1mbbl, according to Bloomberg. Gasoline stocks rose 3.2mbbl and distillates rose 1.9mbbl.
  • US refinery capacity has taken a significant hit in January, with over 830kb/d offline due to seasonal maintenance activity, Kpler said. Two Port Arthur refineries lost power to some process units on Jan 21 due to the winter storm.
  • Delta Air Line’s 190kb/d Monroe Trainer refinery in Pennsylvania, which processes mostly North Am light sweet crude, has started maintenance a week earlier than planned, Bloomberg sources said.
    • WTI MAR 25 up 0.3% at 75.67$/bbl
    • US gasoline crack up 0.5$/bbl at 12.74$/bbl
    • US ULSD crack up 0.3$/bbl at 26.52$/bbl