The one largest query for the oil market in 2024 is whether or not US producers will cease pumping extra. Early returns are considerably encouraging for the bulls with the EIA estimating shale manufacturing down 900 bps in February after a 600 bpd drop in January.
These are minuscule strikes however something near flat could be bullish for oil, although I warning in opposition to extrapolating from winter numbers. That mentioned, this newest freeze-off will definitely affect January manufacturing, which is able to are available decrease than estimates.
WTI is down 51-cents to $72.15 with the market fully resistant to Pink Sea drama.
