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AMERICAS OIL: WTI Crude Oil rallied

AMERICAS OIL
USEnergy BulletsNorth AmericaBulletCommodities

{US}{7i} February 10 - Americas End-of-Day Oil Summary: WTI Crude Oil rallied on news that the weekend hostage release by Hamas was postposed in violation of the ceasefire deal and as the market weighs tariff threats by the Trump administration against concerns for global demand over a potential China/US trade war. 

  • US President Trump said that 25% tariffs on all steel and aluminum imports would be announced on Monday. These tariffs could impact investment in the US energy sector, particularly for drillers, who require a certain type of steel, according to Bloomberg.
  • China’s retaliatory measures for 10-15% tariffs on imports of US oil and gas have come into effect today, in response to the US 10% tariff on all imports from China.
  • Trump said on Sunday that he had spoken to Russian President Putin about ending the war in Ukraine and that “it’s going to end.” A Kremlin spokesman said he could neither confirm nor deny that a conversation had taken place.
  • The new U.S. administration can lower domestic energy prices by helping to lower the cost of operations according to the U.S. Energy Secretary.
  • The Primary Vision frac count rose by 8 to 198 in the week ending Feb 7, suggesting completion activity could have bottomed, Bloomberg reports.
  • US heating demand was 36 degrees below normal in the week ending Feb 8, with 161 HDDs according to NOAA. For this week, heating demand is seen 2 HDDs above normal.
  • Alaska’s ANS crude could be another crude grade featured in Japan’s feedstock basket in 2025, as refiners assess its economics, Platts said.
  • The NOAA 6–14-day outlook is more supportive for heating demand with below-normal conditions forecast across the Upper Midwest and northern New England regions while milder conditions are relegated to parts of the South and Southwest. Elevated heating demand is likely in PADDs 1-3 with decreased demand in the southern half of PADD 1 and a part of PADD 4.
  • US cracks were lower with diesel reversing gains earlier in the session amid signs of increasing global trade friction.
    • WTI Mar futures were up 2.0% at $72.46
    • WTI Apr futures were up 2.0% at $72.14
    • RBOB Mar futures were up 0.1% at $2.11
    • ULSD Mar futures were up 0.9% at $2.45
    • US gasoline crack down 1.5$/bbl at 16.01$/bbl
    • US ULSD crack down 0.6$/bbl at 30.61$/bbl
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{US}{7i} February 10 - Americas End-of-Day Oil Summary: WTI Crude Oil rallied on news that the weekend hostage release by Hamas was postposed in violation of the ceasefire deal and as the market weighs tariff threats by the Trump administration against concerns for global demand over a potential China/US trade war. 

  • US President Trump said that 25% tariffs on all steel and aluminum imports would be announced on Monday. These tariffs could impact investment in the US energy sector, particularly for drillers, who require a certain type of steel, according to Bloomberg.
  • China’s retaliatory measures for 10-15% tariffs on imports of US oil and gas have come into effect today, in response to the US 10% tariff on all imports from China.
  • Trump said on Sunday that he had spoken to Russian President Putin about ending the war in Ukraine and that “it’s going to end.” A Kremlin spokesman said he could neither confirm nor deny that a conversation had taken place.
  • The new U.S. administration can lower domestic energy prices by helping to lower the cost of operations according to the U.S. Energy Secretary.
  • The Primary Vision frac count rose by 8 to 198 in the week ending Feb 7, suggesting completion activity could have bottomed, Bloomberg reports.
  • US heating demand was 36 degrees below normal in the week ending Feb 8, with 161 HDDs according to NOAA. For this week, heating demand is seen 2 HDDs above normal.
  • Alaska’s ANS crude could be another crude grade featured in Japan’s feedstock basket in 2025, as refiners assess its economics, Platts said.
  • The NOAA 6–14-day outlook is more supportive for heating demand with below-normal conditions forecast across the Upper Midwest and northern New England regions while milder conditions are relegated to parts of the South and Southwest. Elevated heating demand is likely in PADDs 1-3 with decreased demand in the southern half of PADD 1 and a part of PADD 4.
  • US cracks were lower with diesel reversing gains earlier in the session amid signs of increasing global trade friction.
    • WTI Mar futures were up 2.0% at $72.46
    • WTI Apr futures were up 2.0% at $72.14
    • RBOB Mar futures were up 0.1% at $2.11
    • ULSD Mar futures were up 0.9% at $2.45
    • US gasoline crack down 1.5$/bbl at 16.01$/bbl
    • US ULSD crack down 0.6$/bbl at 30.61$/bbl