- Oil is trading lower after falling more than $6 last week
- Speculators in WTI futures have increased their net long position by 69.7k contracts through last Tuesday, according to data from the CFTC
- We would expect a reversal of this in the next data release following last week's sell-off
- Speculators in WTI futures have increased their net long position by 69.7k contracts through last Tuesday, according to data from the CFTC
- Houthis vow additional attacks following US strikes (BBG)
- The US and its allies attacked 13 locations in Yemen as part of an effort to stop attacks on commercial shipping vessels
- The Iranian-backed Houthis have said that the airstrikes will not deter them, and they will continue to attack vessels in the Red Sea
- Flows of oil through the Red Sea have fallen sharply, with vessels continuing to reroute around Africa
- Greek shipowners leave Russian oil trade (BBG)
- The number of Greek-owned ships transporting Russian oil has fallen to just eight vessels in January, compared to 34 one year ago
- The drop comes after the US Treasury Department tightened the enforcement of sanctions, spooking western tanker owners
- The loss of Greek shippers will put more pressure on Russia’s shadow fleet of tankers, many of which recently started sailing under the Gabon flag in an attempt to avoid detection
