- Crude prices ease ahead of EIA report
- The WTI front-month contract slipped $0.32 to $60.24/Bbl early Wednesday (7:45 AM CT)
- WTI has been trading within a roughly $2 range since last week
- “A mix of conflicting drivers is keeping crude locked in a tight band,” noted Arne Lohmann Rasmussen, chief analyst at A/S Global Risk Management, citing factors such as US inventory trends, OPEC+ output decisions, and sanctions on Russia
- API data indicates US crude stockpiles climbed by 6.5 MMbbls last week
- If confirmed by EIA figures later today, this would mark the largest build since July
- Indian refiners shift away from Russian crude (Bloomberg)
- Over the past week, four major Indian processors, previously responsible for more than half of the country’s Russian oil imports, announced plans to halt purchases due to tightening U.S. and EU restrictions
- The deficit will likely be covered through new term deals and spot cargoes, primarily from the Middle East, but also Africa and the Americas
- Some other refiners in India are weighing whether they can still secure discounted Russian barrels via smaller, non-sanctioned suppliers
 |
||
|
|
||
|
|
||
 |
||
|
||
