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OIL: Crude Drifts Lower and Set for Weekly Decline

OIL
BulletEnergy BulletsCommodities

Oil prices face downside pressure to extend the trend this week after the Fed signalled less rate cuts in 2025 which has supported a stronger dollar.

  • Brent front month has fallen from a high of $74.6/bbl on Dec. 15 although still within the wide range since mid October with mixed Chinese data and 2025 oversupply fears set against potential supply disruption from increased sanctions on Russia and Iran.
  • The US has sanctioned nine more tankers and eight companies it alleges are involved in the trade of Iranian oil, according to Bloomberg. The volume of Iranian oil on tankers at sea has risen to the highest since July as sanctions disrupt flows.
  • China's petroleum consumption is expected to peak at around 800m tons a year by 2027, from 750m tons in 2024, as diesel and gasoline demand weakens, according to Sinopec.
  • Oil industry leaders are lobbying the incoming Trump administration for insulation from tariffs, rolling back environmental regulations and allowing drilling in more locations. Trump has threatened the EU with tariffs if countries don’t buy more oil and gas from the US.
    • Brent FEB 25 down 0.5% at 72.54$/bbl
    • WTI FEB 25 down 0.5% at 69.06$/bbl
    • Brent FEB 25-MAR 25 down 0.03$/bbl at 0.4$/bbl
    • Brent JUN 25-DEC 25 down 0.07$/bbl at 1.4$/bbl
    • US gasoline crack down 0$/bbl at 11.64$/bbl
    • US ULSD crack down 0.1$/bbl at 24.55$/bbl
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Oil prices face downside pressure to extend the trend this week after the Fed signalled less rate cuts in 2025 which has supported a stronger dollar.

  • Brent front month has fallen from a high of $74.6/bbl on Dec. 15 although still within the wide range since mid October with mixed Chinese data and 2025 oversupply fears set against potential supply disruption from increased sanctions on Russia and Iran.
  • The US has sanctioned nine more tankers and eight companies it alleges are involved in the trade of Iranian oil, according to Bloomberg. The volume of Iranian oil on tankers at sea has risen to the highest since July as sanctions disrupt flows.
  • China's petroleum consumption is expected to peak at around 800m tons a year by 2027, from 750m tons in 2024, as diesel and gasoline demand weakens, according to Sinopec.
  • Oil industry leaders are lobbying the incoming Trump administration for insulation from tariffs, rolling back environmental regulations and allowing drilling in more locations. Trump has threatened the EU with tariffs if countries don’t buy more oil and gas from the US.
    • Brent FEB 25 down 0.5% at 72.54$/bbl
    • WTI FEB 25 down 0.5% at 69.06$/bbl
    • Brent FEB 25-MAR 25 down 0.03$/bbl at 0.4$/bbl
    • Brent JUN 25-DEC 25 down 0.07$/bbl at 1.4$/bbl
    • US gasoline crack down 0$/bbl at 11.64$/bbl
    • US ULSD crack down 0.1$/bbl at 24.55$/bbl