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AMERICAS OIL: WTI Crude Oil ended higher after trading sideways off tariff news

AMERICAS OIL
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February 7 - Americas End-of-Day Oil Summary: WTI Crude Oil ended higher after trading sideways on headlines that Trump plans to impose ‘reciprocal’ tariffs on trading partners that impose levies on US imports. Crude is on track for its third consecutive week of declines. 

  • Trump told Republican lawmakers that he plans to announce reciprocal tariffs as early as Friday, Reuters reported. There was confusion as to which countries might be targeted but Trump later said it would be addressed next week.
  • US Treasury secretary sanctioned an international network known to facilitate shipments of Iranian oil into China. The sanctions capture individuals, specific vessels and companies operating in China, UAE and India.
  • Upside is limited by oversupply risks with the potential for increased production from OPEC+ while tariff risk weighs on global oil demand.
  • Any impact from the latest US sanctions on Iran is likely to be lagged and not have much initial bite, according to RBC Capital Markets.
  • Canada’s Trans Mountain oil pipeline, which enables export on the Pacific Coast to Asia, could fill to capacity as early as this year if tariffs are imposed, an executive said.
  • Venezuela’s state oil company PDVSA has resumed regular imports of light crude as its own output of medium and light grades dwindles, creating bottlenecks for producing exportable blends, according to company documents and vessel tracking.
  • Trans Mountain said it has an opportunity to expand its Puget Sound pipeline system at the Argus Crude Summit in Houston. Trump also said today: “The administration is “going to have more liquid gold coming out of the ground than anybody’s ever seen before.” “We’re going to drive the price down, and everything else is going to follow.”     
  • Baker Hughes reported the global oil and gas rig count rose by 36 to 1,696 in January. US rigs were down 7 to 582.
  • Baker Hughes also reported the weekly rig count, which was 586. The oil rig count was up 1 to 480 and the gas rig count was up2 to 100.
  • The NOAA 6–14-day outlook is slightly supportive for heating demand on net with the northern half of the country below or close to normal with milder conditions expected in the Southeast. Elevated heating demand is likely in all PADDs apart from the southern half of PADD 1 into a part of PADD 2.
  • US cracks were higher and on track for weekly gains, supported by higher demand and a busy upcoming maintenance season.
    • WTI Mar futures were up 0.5% at $70.95
    • WTI Apr futures were up 0.5% at $70.70
    • RBOB Mar futures were up 1.4% at $2.10
    • ULSD Mar futures were up 1.4% at $2.43
    • US gasoline crack up 0.8$/bbl at 17.38$/bbl
    • US ULSD crack up 0.6$/bbl at 31.13$/bbl
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February 7 - Americas End-of-Day Oil Summary: WTI Crude Oil ended higher after trading sideways on headlines that Trump plans to impose ‘reciprocal’ tariffs on trading partners that impose levies on US imports. Crude is on track for its third consecutive week of declines. 

  • Trump told Republican lawmakers that he plans to announce reciprocal tariffs as early as Friday, Reuters reported. There was confusion as to which countries might be targeted but Trump later said it would be addressed next week.
  • US Treasury secretary sanctioned an international network known to facilitate shipments of Iranian oil into China. The sanctions capture individuals, specific vessels and companies operating in China, UAE and India.
  • Upside is limited by oversupply risks with the potential for increased production from OPEC+ while tariff risk weighs on global oil demand.
  • Any impact from the latest US sanctions on Iran is likely to be lagged and not have much initial bite, according to RBC Capital Markets.
  • Canada’s Trans Mountain oil pipeline, which enables export on the Pacific Coast to Asia, could fill to capacity as early as this year if tariffs are imposed, an executive said.
  • Venezuela’s state oil company PDVSA has resumed regular imports of light crude as its own output of medium and light grades dwindles, creating bottlenecks for producing exportable blends, according to company documents and vessel tracking.
  • Trans Mountain said it has an opportunity to expand its Puget Sound pipeline system at the Argus Crude Summit in Houston. Trump also said today: “The administration is “going to have more liquid gold coming out of the ground than anybody’s ever seen before.” “We’re going to drive the price down, and everything else is going to follow.”     
  • Baker Hughes reported the global oil and gas rig count rose by 36 to 1,696 in January. US rigs were down 7 to 582.
  • Baker Hughes also reported the weekly rig count, which was 586. The oil rig count was up 1 to 480 and the gas rig count was up2 to 100.
  • The NOAA 6–14-day outlook is slightly supportive for heating demand on net with the northern half of the country below or close to normal with milder conditions expected in the Southeast. Elevated heating demand is likely in all PADDs apart from the southern half of PADD 1 into a part of PADD 2.
  • US cracks were higher and on track for weekly gains, supported by higher demand and a busy upcoming maintenance season.
    • WTI Mar futures were up 0.5% at $70.95
    • WTI Apr futures were up 0.5% at $70.70
    • RBOB Mar futures were up 1.4% at $2.10
    • ULSD Mar futures were up 1.4% at $2.43
    • US gasoline crack up 0.8$/bbl at 17.38$/bbl
    • US ULSD crack up 0.6$/bbl at 31.13$/bbl