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AMERICAS OIL: WTI Crude Oil has returned to losses today

AMERICAS OIL
USEnergy BulletsNorth AmericaBulletCommodities

{US}{7i} February 6 - Americas End-of-Day Oil Summary: WTI Crude Oil has returned to losses today, as Trump’s plan to squeeze Iranian exports clashes with his vows to lift production. The two opposing forces have seen WTI struggle for direction.

  • The US Treasury Department issued a statement confirming sanctions on Iranian crude oil, targeting "an international network for facilitating the shipment of millions of barrels of Iranian crude oil … to the People’s Republic of China (PRC)."
  • 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.”     
  • The US has not set out clear objectives to resolve tariff issues, Canada minister says: Reuters.Donald Trump could ultimately prove to be a bearish influence on oil market, Citigroup said, with a forecast of $60-65/bbl through H2 2025.
  • Mexico is likely to export more crude oil to other countries if US President Trump imposes tariffs, BNamericas said.
  • The U.S./China tariff war is likely to create an extended period of uncertainty according to Shell CEO Wael Sawan speaking with CNBC.
  • Chinese oil and gas importers are likely to try and seek waivers to try and avoid the latest retaliatory tariffs aimed at U.S. imports from Feb 10 Reuters sources report.
  • NY Harbor ULSD 1st-2nd month spread widened to 5.11-cents/gallon, up 0.41-c/gal from Wednesday’s settlement of 4.70-c/gal.
  • Pemex’ 340k b/d Deer Park refinery near the Houston Ship Channel in Texas plans to carry out a major 6-week turnaround.
  • 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 found support from the late drop in underlying crude. Both products are on track for weekly gains, supported by rises in implies demand and expectations for a busy maintenance season.
  • WTI Mar futures were down 0.8% at $70.49
  • WTI Apr futures were down 0.7% at $70.26
  • RBOB Mar futures were up 1.0% at $2.07
  • ULSD Mar futures were up 0.5% at $2.40
  • US gasoline crack up 1.5$/bbl at 16.51$/bbl
  • US ULSD crack up 1.1$/bbl at 30.16$/bbl
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{US}{7i} February 6 - Americas End-of-Day Oil Summary: WTI Crude Oil has returned to losses today, as Trump’s plan to squeeze Iranian exports clashes with his vows to lift production. The two opposing forces have seen WTI struggle for direction.

  • The US Treasury Department issued a statement confirming sanctions on Iranian crude oil, targeting "an international network for facilitating the shipment of millions of barrels of Iranian crude oil … to the People’s Republic of China (PRC)."
  • 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.”     
  • The US has not set out clear objectives to resolve tariff issues, Canada minister says: Reuters.Donald Trump could ultimately prove to be a bearish influence on oil market, Citigroup said, with a forecast of $60-65/bbl through H2 2025.
  • Mexico is likely to export more crude oil to other countries if US President Trump imposes tariffs, BNamericas said.
  • The U.S./China tariff war is likely to create an extended period of uncertainty according to Shell CEO Wael Sawan speaking with CNBC.
  • Chinese oil and gas importers are likely to try and seek waivers to try and avoid the latest retaliatory tariffs aimed at U.S. imports from Feb 10 Reuters sources report.
  • NY Harbor ULSD 1st-2nd month spread widened to 5.11-cents/gallon, up 0.41-c/gal from Wednesday’s settlement of 4.70-c/gal.
  • Pemex’ 340k b/d Deer Park refinery near the Houston Ship Channel in Texas plans to carry out a major 6-week turnaround.
  • 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 found support from the late drop in underlying crude. Both products are on track for weekly gains, supported by rises in implies demand and expectations for a busy maintenance season.
  • WTI Mar futures were down 0.8% at $70.49
  • WTI Apr futures were down 0.7% at $70.26
  • RBOB Mar futures were up 1.0% at $2.07
  • ULSD Mar futures were up 0.5% at $2.40
  • US gasoline crack up 1.5$/bbl at 16.51$/bbl
  • US ULSD crack up 1.1$/bbl at 30.16$/bbl