CRUDE WRAP: WTI CRUDE (H3) SETTLES USD 1.33 LOWER AT USD 79.68/BBL; BRENT (H3) SETTLES 0.81 LOWER AT 86.66/BBL

Analysis details (19:42)

The crude complex was lower, to post a week of losses with potential profit taking place and some other nuanced factors. On this, some desks allude to the potential indications of strong Russian supply as a reason, highlighted by oil loadings from Russia's UST-Luga port set to rise to 1mln tonnes for February 1-10th (prev. 0.9mln tonnes M/M). Elsewhere, G-7 suggested EU cap Russian diesel exports in USD 100-110 range, which is in-fitting with what an EU official said on Thursday of a 100/bbl cap on premium oil products. Looking ahead, aside from the key macro risk events next week, such as Fed, NFP, ISM etc, attention will fall on OPEC JMMC.

EARNINGS: Chevron (CVX) posted a record profit for 2022, which was more than double a year earlier, but it fell short of the expected, but it did beat on revenue. However, CEO did note Permian production will be "a little bit" lower than planned in 2023, and petroleum demand is recovering on China reopening.

CARGOES: North Sea Forties to load 12 cargos in March (vs 9 in Feb), according to a trade source cited by Reuters. North Sea Oseberg crude oil stream to load 4 cargoes in March (prev. 3 cargoes in February), according to Reuters.

STRIKES: Strikes at TotalEnergies (TTE FP) sites have been suspended, and will be proposed again on January 31st, via CGT Union.

EXPANSION: Exxon (XOM) Beaumont, Texas refinery (366k BPD) reportedly reset its initial start date for crude unit to early February from late Jan. XOM is set to spend USD 1.2bln on a 250k BPD expansion.

BAKER HUGHES: Baker Hughes US Rig Count (w/e Jan. 27th): Oil -4 at 609, Nat Gas +4 at 160, Total unchanged at 771.

GAS: ICE is preparing to launch a parallel market for TTF futures and options contracts on its ICE Futures Europe from February 20, 2023, subject to completion of relevant regulatory processes. TTF futures contracts on ICE Futures Europe will mirror those on ICE Endex but will not be subject to the MCM Regulation and related TTF price cap. As a reminder, ICE warned late-December that it may remove the trading market (TTF) from the Netherlands in the scenario that a price cap on gas was implemented.

27 Jan 2023 - 19:33- EnergyResearch Sheet- Source: Newsquawk