Summarising Biden’s toolbox
Crude prices remained stable, hovering around 83.5 $/b for the January ICE Brent contract. Expectations of a response from the US administration raised uncertainty in…
ICE Brent crude oil gained a dollar, to 67.7 $/b at the prompt, supported by a relatively constructive EIA weekly report but also strengthening cracks globally. US demand remained strong, despite a pullback in gasoline consumption, while US refiners processed 15 mb/d of crude last week. US crude production remained pegged to 11 mb/d, which should continue to incentivize greater crude imports.
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