- Oil trades lower, reversing some gains from yesterday
- The API estimates that US crude inventories increased by 7.17 MMBbls last week
- BP expects a slow restart of Whiting refinery (BBG)
- The largest inland refinery in the US was shut on February 1 following a power loss and remains partially offline
- BP now says they expect the refinery to return to normal by March 1 if no further issues occur
- The crack spread, which measures refinery margins, has increased 20% from the time of the incident, while regional gasoline inventories have drawn down
- The shutdown has also weakened demand for Canadian heavy crude, which the refinery receives large volumes of
- Disrupted Russian oil flow hits Indian refinery margins (BBG)
- Russian oil has become more expensive for refiners in India, squeezing profit margins
- Tougher sanctions have stranded some Russian cargoes, while attacks in the Red Sea have driven freight rates higher
- Exports of fuels from India to Europe averaged 18 MBbl/d in the first two weeks of February, down 90% from January
