- Oil extends gains ahead of Fed’s monetary policy decision
- March ’23 WTI gained 42c this morning to trade around $79/Bbl
- OPEC’s technical committee met today to discuss crude production levels; the committee made no recommendation to change the group's existing production policy
- OPEC’s announcement came after Secretary-General Haitham Al-Ghais advised that the group is “cautiously optimistic” concerning the global economy earlier this month
- The market also expects the U.S. Fed to raise interest rates by 25 basis points today
- New York is buying high volumes of gasoline and diesel from India, one of the main buyers of Russian oil (Bloomberg)
- Around 89 MBbl/d of Indian gasoline and diesel will arrive in New York this month, the highest amount in over four years
- This volume amounts to more than 40% of the region's total imports for January, according to Kpler
- These imports are an important substitute for the European fuel shipments that have slowed recently and are expected to decline even more once new Russian sanctions start on February 5
- The East Coast's inventories of diesel and heating oil are at their lowest levels for this time of year, while gasoline supplies have reached decade-low levels