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OIL: Mid-Day Oil Summary: Crude Edges Down

OIL
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Crude is losing ground today but remains within Friday’s trading range. A stronger dollar on the day is likely adding pressure.

  • Brent FEB 25 down 0.3% at 72.72$/bbl
  • WTI FEB 25 down 0.3% at 69.26$/bbl
  • Money managers raised their net-long U.S. crude futures and options positions in the week to Dec. 17, the U.S. Commodity Futures Trading Commission (CFTC) said on Friday.
  • Hungary is again receiving oil through the Druzhba pipeline from Russia, Hungarian Foreign Minister Peter Szijjarto said on Sunday. Shipments resumed on Saturday, according to Belarus' BelTa state news agency.
  • Panama’s president rebuffed Donald Trump’s threat to reimpose US control over the Panama Canal on Sunday.
  • Trump on Friday urged the European Union to increase U.S. oil and gas imports or face tariffs on the bloc's exports.
  • Macquarie analysts projected growing supply surplus for next year, which will weigh down Brent prices to an average at $70.50/bbl, from this year's average of $79.64/bbl, they said in a December report.
  • Global crude held stationery for at least 7-days on tankers rose to 70.20mn bbls as of December 20 according to Vortexa, up 7% w/w.
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Crude is losing ground today but remains within Friday’s trading range. A stronger dollar on the day is likely adding pressure.

  • Brent FEB 25 down 0.3% at 72.72$/bbl
  • WTI FEB 25 down 0.3% at 69.26$/bbl
  • Money managers raised their net-long U.S. crude futures and options positions in the week to Dec. 17, the U.S. Commodity Futures Trading Commission (CFTC) said on Friday.
  • Hungary is again receiving oil through the Druzhba pipeline from Russia, Hungarian Foreign Minister Peter Szijjarto said on Sunday. Shipments resumed on Saturday, according to Belarus' BelTa state news agency.
  • Panama’s president rebuffed Donald Trump’s threat to reimpose US control over the Panama Canal on Sunday.
  • Trump on Friday urged the European Union to increase U.S. oil and gas imports or face tariffs on the bloc's exports.
  • Macquarie analysts projected growing supply surplus for next year, which will weigh down Brent prices to an average at $70.50/bbl, from this year's average of $79.64/bbl, they said in a December report.
  • Global crude held stationery for at least 7-days on tankers rose to 70.20mn bbls as of December 20 according to Vortexa, up 7% w/w.