- Oil heads for a second consecutive yearly gain
- Feb ’23 WTI lost nearly 30c this morning to trade around $78/Bbl
- This week's price action was choppy due to low liquidity in the market
- WTI is on track to gain nearly $3/Bbl, or 4.5%, after rising 55% in 2021 and Brent looked set to gain $5/Bbl, or 7%, after rising 50% in 2021
- Expectations of demand recovery have increased after China abandoned its Covid-zero policy
- However, concerns about whether the country can sustain the eased restrictions persist amid surging Covid cases
- AEGIS continues to monitor Russia’s response to the price cap imposed by the EU-G7, as well as further rate hikes by the Fed
- Keystone pipeline returns to service after 21 days of outage (BBG)
- "The Keystone Pipeline System is now operational to all delivery points," said TC Energy in a statement, while operating "with additional risk-mitigation measures, including reduced operating pressures"
- The pipeline carries 0.622 MMBbl/d of crude between oil fields in Canada and the U.S. Gulf Coast