MNI BRIEF: BOC Sees Milder Reaction To Tariffs Than To Covid

BOC SAYS ITS RESPONSE TO A TARIFF WAR WON'T BE LIKE IN COVID

BOC: TRADE THREATS ALREADY BLURRING DOMESTIC ECONOMIC REBOUND

MNI INTERVIEW2 -Banxico Optimistic On Non-Core Inflation-Heath

MNI China Daily Summary: Friday, February 21

MNI BOK WATCH: Board To Ease Base Rate To 2.75%

MNI: BAKER HUGHES US RIG COUNT 592; OIL RIGS 488; GAS RIGS 99

BAKER HUGHES CANADA RIG COUNT 244; OIL RIGS 174; GAS RIGS 70

MNI: US NAR: JAN EXISTING HOME SALES 4.08M SAAR

GERMANY: Economy Ministry Lowers 2025 Growth Forecast As Expected

MNI EXCLUSIVE: EU-Mercosur Deal Close, But Likely Short-Lived - Officials

GERMANY: Kukies Considers Potential Non-Implementation Of 2024 Suppl' Budget

© 1982-2025 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

OIL: Crude Holds Near Recent Lows Amid Oversupply Risks

OIL
BulletEnergy BulletsCommodities

Brent front month futures hold near previous close levels to remain just above the lows of around $74/bbl seen several times this month with Ukraine peace talks and a possible oil surplus this year amid tariffs fears and despite US sanctions on Iran. 

  • The prompt WTI spread has fallen into contango for the first time since November as IEA and EIA last week maintained a forecast for a market oversupply this year.
  • Increased talk of negotiations for a truce to bring peace to Ukraine are weighing on oil prices with the potential for an easing of sanctions on Russia enabling more exports. However, a deal is a long way off, with concerns that Ukraine is being excluded from talks between the US and Russia.
  • The risk of global trade tensions is also limiting upside after Trump last week proposed reciprocal tariffs on numerous trading partners, assessed on a country by country basis, from April 1.
  • The president of the Kurdistan region in Iraq suggested talks with Turdish officials in the coming days are expected to enable a resumption of crude exports from the region by the end of March.The resumption of flows has faced numerous false starts since halting in March 2023.
    • Brent APR 25 down 0.1% at 74.64$/bbl
    • WTI MAR 25 down 0.2% at 70.57$/bbl
    • Brent APR 25-MAY 25 up 0.01$/bbl at 0.29$/bbl
    • Brent JUN 25-DEC 25 down 0.01$/bbl at 2.21$/bbl
    • US gasoline crack down 0$/bbl at 16.87$/bbl
    • US ULSD crack down 0.5$/bbl at 31.6$/bbl
237 words

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.

Brent front month futures hold near previous close levels to remain just above the lows of around $74/bbl seen several times this month with Ukraine peace talks and a possible oil surplus this year amid tariffs fears and despite US sanctions on Iran. 

  • The prompt WTI spread has fallen into contango for the first time since November as IEA and EIA last week maintained a forecast for a market oversupply this year.
  • Increased talk of negotiations for a truce to bring peace to Ukraine are weighing on oil prices with the potential for an easing of sanctions on Russia enabling more exports. However, a deal is a long way off, with concerns that Ukraine is being excluded from talks between the US and Russia.
  • The risk of global trade tensions is also limiting upside after Trump last week proposed reciprocal tariffs on numerous trading partners, assessed on a country by country basis, from April 1.
  • The president of the Kurdistan region in Iraq suggested talks with Turdish officials in the coming days are expected to enable a resumption of crude exports from the region by the end of March.The resumption of flows has faced numerous false starts since halting in March 2023.
    • Brent APR 25 down 0.1% at 74.64$/bbl
    • WTI MAR 25 down 0.2% at 70.57$/bbl
    • Brent APR 25-MAY 25 up 0.01$/bbl at 0.29$/bbl
    • Brent JUN 25-DEC 25 down 0.01$/bbl at 2.21$/bbl
    • US gasoline crack down 0$/bbl at 16.87$/bbl
    • US ULSD crack down 0.5$/bbl at 31.6$/bbl