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AMERICAS OIL: WTI Crude markets have eked out modest gains

AMERICAS OIL
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March 6 - Americas End-of-Day Oil Summary: WTI Crude markets have eked out modest gains following an apparent softening in stance on US tariffs on Canada and Mexico. OPEC+ plans to return output from April and demand concerns amidst increased trade protectionism continues to weigh on prices.

  • US Secretary of Commerce Howard Lutnick suggested a softer stance on tariffs. Also suggested that by April 2, conditions may be met to roll back measures. Reciprocal tariffs are scheduled to go ahead from April 2.
  • Possible deferral of Trump administration tariffs on goods under USMCA could potentially include energy exports. Mexican President Sheinbaum said she had a cordial call with President Trump, and he indicated goods traded under USMCA would be exempted from tariffs until Apr 2.
  • US is considering a plan to stop and inspect Iranian oil tankers at sea under international accord aimed at countering the spread of weapons of mass destruction, Reuters reports.
  • Pemex in talks with potential buyers in Asia, including China, and Europe, as it seeks alternative markets after Trump imposed tariffs, Reuters reports citing senior Mexican government official.
  • US crude exports to India rose to their highest in over two years at about 357kbpd in February compared with 221kbpd last year, according to Reuters citing Kpler data. About 80% was light sweet WTI-Midland crude.
  • Russian combined crude exports to India and China have slowed following US sanction on Jan. 10 while exports from West Africa and the Middle East have increased, Vortexa shows.
  • USGC refineries have reduced their orders for Mexican crude oil for March by 17% compared to February levels, Bloomberg reports.
  • US refiner PBF said it intends to proceed with the repairs needed to restart its 157,000 b/d Martinez refinery following a recent fire.
  • Marathon's 255,000 b/d refinery in Robinson, Illinois to begin planned maintenance on Mar 18, a source told Reuters.
  • Canadian West Canadian Select (WCS) discount to WTI narrowed to $12.75/bbl from $13.60 on Tuesday, Bloomberg reported.
  • A deal for Alaska North Slope (ANS) crude on the West Coast done at Calendar May Brent +$2.75 implies a value around $71.75 near multi-year lows, writes OPIS’ Tom Kloza on X.
  • US Treasury Secretary Scott Bessent addressed the New York Economic Club, pledging the US will close Iran’s access to the global financial system.
  • The NOAA 6–14-day outlook is net bearish for heating demand through Mar 19 with below-normal conditions forecast in the West, but milder conditions expected in the eastern two-thirds of the continent. Elevated heating demand is likely in PADDs 4 and 5, with below normal demand in most of PADDs 1-3.
  • Cracks were lower amid demand concerns related to trade protectionism and the prospect of slowing economic growth.
    • WTI Apr futures were up 0.1% at $66.38
    • WTI May futures were up 0.1% at $66.04
    • RBOB Apr futures were down 1.7% at $2.10
    • ULSD Apr futures were down 0.6% at $2.23
    • US gasoline crack down 1.4$/bbl at 21.83$/bbl
    • US ULSD crack down 0.6$/bbl at 27.08$/bbl
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March 6 - Americas End-of-Day Oil Summary: WTI Crude markets have eked out modest gains following an apparent softening in stance on US tariffs on Canada and Mexico. OPEC+ plans to return output from April and demand concerns amidst increased trade protectionism continues to weigh on prices.

  • US Secretary of Commerce Howard Lutnick suggested a softer stance on tariffs. Also suggested that by April 2, conditions may be met to roll back measures. Reciprocal tariffs are scheduled to go ahead from April 2.
  • Possible deferral of Trump administration tariffs on goods under USMCA could potentially include energy exports. Mexican President Sheinbaum said she had a cordial call with President Trump, and he indicated goods traded under USMCA would be exempted from tariffs until Apr 2.
  • US is considering a plan to stop and inspect Iranian oil tankers at sea under international accord aimed at countering the spread of weapons of mass destruction, Reuters reports.
  • Pemex in talks with potential buyers in Asia, including China, and Europe, as it seeks alternative markets after Trump imposed tariffs, Reuters reports citing senior Mexican government official.
  • US crude exports to India rose to their highest in over two years at about 357kbpd in February compared with 221kbpd last year, according to Reuters citing Kpler data. About 80% was light sweet WTI-Midland crude.
  • Russian combined crude exports to India and China have slowed following US sanction on Jan. 10 while exports from West Africa and the Middle East have increased, Vortexa shows.
  • USGC refineries have reduced their orders for Mexican crude oil for March by 17% compared to February levels, Bloomberg reports.
  • US refiner PBF said it intends to proceed with the repairs needed to restart its 157,000 b/d Martinez refinery following a recent fire.
  • Marathon's 255,000 b/d refinery in Robinson, Illinois to begin planned maintenance on Mar 18, a source told Reuters.
  • Canadian West Canadian Select (WCS) discount to WTI narrowed to $12.75/bbl from $13.60 on Tuesday, Bloomberg reported.
  • A deal for Alaska North Slope (ANS) crude on the West Coast done at Calendar May Brent +$2.75 implies a value around $71.75 near multi-year lows, writes OPIS’ Tom Kloza on X.
  • US Treasury Secretary Scott Bessent addressed the New York Economic Club, pledging the US will close Iran’s access to the global financial system.
  • The NOAA 6–14-day outlook is net bearish for heating demand through Mar 19 with below-normal conditions forecast in the West, but milder conditions expected in the eastern two-thirds of the continent. Elevated heating demand is likely in PADDs 4 and 5, with below normal demand in most of PADDs 1-3.
  • Cracks were lower amid demand concerns related to trade protectionism and the prospect of slowing economic growth.
    • WTI Apr futures were up 0.1% at $66.38
    • WTI May futures were up 0.1% at $66.04
    • RBOB Apr futures were down 1.7% at $2.10
    • ULSD Apr futures were down 0.6% at $2.23
    • US gasoline crack down 1.4$/bbl at 21.83$/bbl
    • US ULSD crack down 0.6$/bbl at 27.08$/bbl