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OIL: Crude Softening Amidst Ukraine Peace Talks, Easing Middle East Tensions

OIL
BulletEnergy BulletsCommodities

Crude softer as supply-side uncertainty eases against backdrop of imminent Ukraine peace talks and signs of softening Israel/Hamas tensions. 

  • Crude extended losses this morning after headlines suggested that tensions around the Gaza ceasefire deal had eased, with Hamas reaffirming its commitment to the hostage release deal.
  • Israel had previously said that delays violated the ceasefire agreement and had placed its military on high alert.
  • Softening tensions around the Gaza ceasefire deal lowers the risk of a wider regional conflict, which in the past has drawn Israel and Iran into direct conflict and added to supply-side uncertainty in oil markets.
  • Crude had declined earlier as the market digested US President Trump’s confirmation that he talked to Russian President Putin yesterday, saying negotiations on the Russia-Ukraine conflict will begin imminently.
  • A peace agreement could see US sanctions on Russia’s energy trade eased, reducing supply-side risks.
  • Brent APR 25 down 1.4% at 74.09$/bbl, just under the Feb. 6 low.
  • SUP 1: $74.10 - Low Feb 6
  • SUP 2: $71.25 - Low Dec 20
  • WTI MAR 25 down 1.5% at 70.3$/bbl, breaking through Feb. 6 low.
  • SUP 1: $70.43 - Low Feb 6 and the bear trigger
  • SUP 2: $68.05 - Low Dec 20 ‘24
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Crude softer as supply-side uncertainty eases against backdrop of imminent Ukraine peace talks and signs of softening Israel/Hamas tensions. 

  • Crude extended losses this morning after headlines suggested that tensions around the Gaza ceasefire deal had eased, with Hamas reaffirming its commitment to the hostage release deal.
  • Israel had previously said that delays violated the ceasefire agreement and had placed its military on high alert.
  • Softening tensions around the Gaza ceasefire deal lowers the risk of a wider regional conflict, which in the past has drawn Israel and Iran into direct conflict and added to supply-side uncertainty in oil markets.
  • Crude had declined earlier as the market digested US President Trump’s confirmation that he talked to Russian President Putin yesterday, saying negotiations on the Russia-Ukraine conflict will begin imminently.
  • A peace agreement could see US sanctions on Russia’s energy trade eased, reducing supply-side risks.
  • Brent APR 25 down 1.4% at 74.09$/bbl, just under the Feb. 6 low.
  • SUP 1: $74.10 - Low Feb 6
  • SUP 2: $71.25 - Low Dec 20
  • WTI MAR 25 down 1.5% at 70.3$/bbl, breaking through Feb. 6 low.
  • SUP 1: $70.43 - Low Feb 6 and the bear trigger
  • SUP 2: $68.05 - Low Dec 20 ‘24