Oil Action: Front-month WTI futures
Oil Action: Front-month WTI futures are down 0.6% at $56.10, having reversed sharply lower during the London AM session from a new three-month high that was set at $56.77 during the Asian session. As a Reuters report highlights, Refinitiv ship tracking data showed that Iran's crude exports averaged around 1.25 M barrels per day in January, confounding market expectations for a decrease to below 1 M barrels a day as a consequence of U.S. sanctions. Market narratives are also highlighting EIA data, released yesterday, showing U.S. crude output to have soared by over 2 M barrels per day in 2018 to a record rate of 11.9 M barrels per day. There is a pause in bullish momentum as market participants wait on news from the current round of U.S.-China trade discussions. WTI benchmark futures are up 4.1% from week-ago levels and are up by 23.5% on the year-to-date.