- West Texas Intermediate dipped below $90/Bbl Tuesday morning as traders weigh possible de-escalation between Russia and Ukraine
- French President Emmanuel Macron said that he got assurances from Putin that there would be no “escalation.” (BBG)
- Tensions between Russia and Ukraine have contributed to oil’s nearly $15/Bbl rally in 2022
- Refinery outages in the U.S. could weigh on crude prices
- Marathon’s Galveston Bay refinery in Texas City, Texas, may take several weeks to resolve issues that surfaced last Friday after a city-wide power loss
- Freezing weather late last week caused the power outage
- Marathon’s 593/Bbl 2-plant refinery complex is the second-largest in the U.S.
- Valero’s Texas City refinery began to restart at the 225 MBbl/d plant, which also shut during Friday’s power loss
- Shale drilling discipline could unravel Citibank warns (Bloomberg)
- Oil executives tempted by the prospect of the high oil prices are showing all the signs of abandoning pledges to keep production growth flat or small, Citigroup said
- Drillers are poised to increase spending by almost 40% this year, based on earning presentations revealed so far, Citi analyst Scott Gruber wrote to investors
- U.S. companies will probably boost domestic oil production by as much as 1 MMBbl/d in 2022, according to various analysts