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AMERICAS OIL: WTI Higher After US White House Reiterates Feb 1 Tariff Deadline

AMERICAS OIL
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January 28 - Americas End-of-Day Oil Summary: WTI Higher After US White House Press Secretary Reiterates Feb 1 Deadline for Potential Tariffs 

  • WTI started out higher initially, then swung into decline as traders anticipated a crude stock build in the weekly EIA storage report. But Karoline Leavitt, the new White House Press Secretary, held a press conference where the subject of tariffs came up and that reversed the losses toward the close.
  • The White House Press Secretary commented that the Feb 1 deadline for applying tariffs on Mexico and Canada still stands. Since the Canada supplies around 60% of US crude imports, that could impose a significant cost on refiners processing heavy Canadian crude.
  • A WSJ survey indicated US crude oil inventories likely rose 1.1m bbl last week while gasoline rose 200k and distillates fell 2.6m. Utilization is seen down 0.7%.
  • The NOAA 6–14-day outlook remains mostly bearish, with above-normal temperatures expected in the Southeast and mid-Atlantic regions while the far Northwest and northern New England are below normal. This is bearish for heating fuel demand with the exception of parts of PADDs 1 and 4 likely to have elevated heating demand.
    • WTI Mar futures were up 1.0% at $73.93
    • WTI Apr futures were up 0.8% at $73.07
    • RBOB Feb futures were up 1.3% at $2.05
    • ULSD Feb futures were down 0.2% at $2.45
  • A protest group at Ras Lunaf and Es Sider ports in Libya were allowing operations to resume from a blockade that could have affected 400kb/d of exports.
  • The NY Harbor ULSD 1st-2nd month spread narrowed by 0.44-c/gal from Monday’s close amid the mild weather expected through Feb 10.
  • The Houston Ship Channel partially reopened to traffic amid fog though inbound service remained suspended.
  • Bank of America now expects a market surplus of just 100k bpd in 2025, down from 750kb/d previously because of disruptions and possible sanctions. 
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January 28 - Americas End-of-Day Oil Summary: WTI Higher After US White House Press Secretary Reiterates Feb 1 Deadline for Potential Tariffs 

  • WTI started out higher initially, then swung into decline as traders anticipated a crude stock build in the weekly EIA storage report. But Karoline Leavitt, the new White House Press Secretary, held a press conference where the subject of tariffs came up and that reversed the losses toward the close.
  • The White House Press Secretary commented that the Feb 1 deadline for applying tariffs on Mexico and Canada still stands. Since the Canada supplies around 60% of US crude imports, that could impose a significant cost on refiners processing heavy Canadian crude.
  • A WSJ survey indicated US crude oil inventories likely rose 1.1m bbl last week while gasoline rose 200k and distillates fell 2.6m. Utilization is seen down 0.7%.
  • The NOAA 6–14-day outlook remains mostly bearish, with above-normal temperatures expected in the Southeast and mid-Atlantic regions while the far Northwest and northern New England are below normal. This is bearish for heating fuel demand with the exception of parts of PADDs 1 and 4 likely to have elevated heating demand.
    • WTI Mar futures were up 1.0% at $73.93
    • WTI Apr futures were up 0.8% at $73.07
    • RBOB Feb futures were up 1.3% at $2.05
    • ULSD Feb futures were down 0.2% at $2.45
  • A protest group at Ras Lunaf and Es Sider ports in Libya were allowing operations to resume from a blockade that could have affected 400kb/d of exports.
  • The NY Harbor ULSD 1st-2nd month spread narrowed by 0.44-c/gal from Monday’s close amid the mild weather expected through Feb 10.
  • The Houston Ship Channel partially reopened to traffic amid fog though inbound service remained suspended.
  • Bank of America now expects a market surplus of just 100k bpd in 2025, down from 750kb/d previously because of disruptions and possible sanctions.