- Oil is set to post a nearly 10% weekly loss
- WTI gained nearly $1.30 this morning to trade near the YTD lows of $73/Bbl (after starting the week at nearly $77/Bbl)
- Demand concerns continue to outweigh bullish factors, with worries about a global recession being exacerbated by a potential tightening of monetary policy
- Despite China's announcement that it will soften its strict zero-Covid policy, a rise in Covid cases may remain a barrier to economic growth in 2023
- The market is still assessing the impact of the price cap on Russian crude
- Russian seaborne exports decreased by almost 0.500 MMBbl/d on Tuesday, a 16% decline from November's average of 3.08 MMBbl/d, according to commodity analytics firm Kpler (WSJ)
- Keystone pipeline remains shut down, and the reason for the 0.014 MMBbl/d crude oil spill near Steele City, Kansas, is still unknown as of Thursday night (Reuters)
- US Pipeline and Hazardous Materials Safety Administration (PHMSA) released a statement late Thursday that the 0.622 MMBbl/d pipeline must be shut down until the regulator approves a restart
- TC Energy has declared force majeure on the outage and has not yet specified how long the force majeure will last
- The shutdown of Keystone will limit deliveries of Canadian crude to the Gulf, where it is processed by refineries or exported, as well as to the U.S. storage hub in Cushing, Oklahoma