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OIL: WTI Seen Weakening Vs Other Grades in March: Kpler

OIL
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WTI is expected to weaken relative to other benchmarks, which should widen the Brent-WTI spread and offer more favourable arbitrages to regions such as Asia, Kpler said.

  • Factors such as refinery maintenance, recovering shale supply, the closure of Lyondell’s 264 k b/d Houston refinery, and Chinese tariffs on US oil imports are calming the outlook.
  • Around 1.2m b/d of US primary distillation capacity is set to be offline in March, Kpler said citing IIR.
  • WTI Houston M1/M2 spread is still slightly backwardated, but the expected weakness could push it near parity over the coming weeks., Kpler added.
  • WTI had been receiving prior support from US shale field outages, stable product cracks, and an anticipated rise in crude demand during Spring.
  • Lower exports of CPC due to a Ukrainian drone attack on a Russian pumping station had also boosted WTI in the Med, where it competes with the Kazakh grade.
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WTI is expected to weaken relative to other benchmarks, which should widen the Brent-WTI spread and offer more favourable arbitrages to regions such as Asia, Kpler said.

  • Factors such as refinery maintenance, recovering shale supply, the closure of Lyondell’s 264 k b/d Houston refinery, and Chinese tariffs on US oil imports are calming the outlook.
  • Around 1.2m b/d of US primary distillation capacity is set to be offline in March, Kpler said citing IIR.
  • WTI Houston M1/M2 spread is still slightly backwardated, but the expected weakness could push it near parity over the coming weeks., Kpler added.
  • WTI had been receiving prior support from US shale field outages, stable product cracks, and an anticipated rise in crude demand during Spring.
  • Lower exports of CPC due to a Ukrainian drone attack on a Russian pumping station had also boosted WTI in the Med, where it competes with the Kazakh grade.