Highlights
Saudi Aramco on Sunday said it would cut crude oil prices $2 a barrel in February versus the Oman/Dubai regional benchmark from their January levels. Prices in northwest Europe and the Mediterranean will be down $1.50 to $2 a barrel versus the ICE Brent crude benchmark versus January prices.
After a summer rally attributed in large part to OPEC and Russia production cuts, crude prices set back sharply in the fourth quarter. West Texas Intermediate crude, the U.S. benchmark, fell more than 21% in the fourth quarter to post a 2023 decline of 10.7%. Brent crude, the global benchmark, fell ~19% in the fourth quarter to lose 10.3% in 2023.
The USDA Attache in Brazil on Friday lowered his soybean production to 158.5 million mt, down from 162.0 in December. Barchart.com analyst added:
"Early harvest with very low yields in many areas is concerning and could ultimately result in an upside price surprise to the market."