AMERICAS OIL: WTI crude is higher but on track for a net weekly decline

WTI crude is higher but on track for a net weekly decline following Thursday’s pullback after President Trump called on OPEC to lower prices while the risk of threatened tariffs on China, Mexico and Canada remains.

• Trump told the World Economic Forum he would ask Saudi Arabia and OPEC to “bring down the cost of oil,” predicting that action by the bloc could decrease inflation and allow for the reduction of interest rates. The Saudi economy minister said the Kingdom and OPEC position is about long-term market stability.
• US imports of Canadian oil are running at record with the possibility of tariffs seeing more oil being pumped to US refineries.
• EIA reported Thursday crude inventories fell to their lowest level since early 2022 after falling slightly more than expected. The fall came despite a large drop in refinery runs.
• The latest Baker Hughes rig count data is due for release at 13:00 ET. The US oil rig count last week fell to 478 and the gas rig count fell to the lowest since September at 98.
• Maersk continues to avoid Red Sea transits toward the Cape of Good Hope despite the announcement from the Houthis that they will curb attacks on non-Israeli ships, Reuters reported.
  • WTI MAR 25 up 0.6% at 75.06$/bbl
  • US gasoline crack up 0.5$/bbl at 12.89$/bbl
  • US ULSD crack up 0.3$/bbl at 27.65$/bbl