MNI BRIEF: Canada PM Carney Derides Trump's 51st State Idea

MNI BRIEF: Carney Sworn In As PM, Names Champagne To Finance

MNI China Daily Summary: Friday, March 14

MNI BRIEF: China February M2 Stays At 7% Y/Y

RPT-MNI INTERVIEW2: Lag Justifies Faster CNB Easing - Holub

BAKER HUGHES CANADA RIG COUNT 199; OIL RIGS 139; GAS RIGS 60

MNI: BAKER HUGHES US RIG COUNT 592; OIL RIGS 487; GAS RIGS 100

EZ/UK T-Bill Calendar: DE, NL and FR Due Monday

GERMANY: Union/SPD Migration Alignment After Turmoil Threatened Debt Deal (BILD)

GERMANY: Official Interim Election Results Tilt Towards Missing BSW & FDP

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

OIL: Mid-Day Oil Summary: Crude Falls

OIL
BulletEnergy BulletsCommodities

Crude has softened on the day amidst signs of easing Israel/Hamas tensions and ‘imminent’ Ukraine peace talks. 

  • Brent APR 25 down 1.1% at 74.32$/bbl
  • WTI MAR 25 down 1.3% at 70.47$/bbl
  • 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.
  • President Trump is likely to meet Russian President Putin in person in Saudi Arabia some time. Also it’s not “realistic” for Ukraine to join NATO. Trump has said negotiations will begin imminently but there is a long way to go before there is a truce.
  • Russian oil flows wouldn’t rebound following a ceasefire, according to a JPMorgan note cited by Bloomberg.
  • Floating Russian and Iranian barrels have hit multi-month highs on harsher U.S. sanctions as buyers fear pulling in cargoes.
  • Global oil demand growth is projected to average 1.1 mb/d in 2025, up from 870 kb/d in 2024 with China still the largest share of growth despite falling to 19%, according to the IEA Monthly Oil Report.
  • The OPEC MOMR keep global oil demand growth forecast for 2025 unchanged at 1.45mb/d while the EIA STEO increased its expectations of excess supply in 2025 and 2026.
  • US crude inventories rose 4.07mbbl, more than expected but less than suggested in API data and remains below the five year seasonal average.
  • India only wants to buy Russian oil only if it is supplied by companies and ships that have not been sanctioned by the U.S. the country's oil secretary said to Reuters at India Energy Week.
  • The VLCC Daban is reported to be carrying Russian crude it received via a ship-to-ship transfer from sanctioned Russian tankers Bloomberg tracking shows.
274 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.

Crude has softened on the day amidst signs of easing Israel/Hamas tensions and ‘imminent’ Ukraine peace talks. 

  • Brent APR 25 down 1.1% at 74.32$/bbl
  • WTI MAR 25 down 1.3% at 70.47$/bbl
  • 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.
  • President Trump is likely to meet Russian President Putin in person in Saudi Arabia some time. Also it’s not “realistic” for Ukraine to join NATO. Trump has said negotiations will begin imminently but there is a long way to go before there is a truce.
  • Russian oil flows wouldn’t rebound following a ceasefire, according to a JPMorgan note cited by Bloomberg.
  • Floating Russian and Iranian barrels have hit multi-month highs on harsher U.S. sanctions as buyers fear pulling in cargoes.
  • Global oil demand growth is projected to average 1.1 mb/d in 2025, up from 870 kb/d in 2024 with China still the largest share of growth despite falling to 19%, according to the IEA Monthly Oil Report.
  • The OPEC MOMR keep global oil demand growth forecast for 2025 unchanged at 1.45mb/d while the EIA STEO increased its expectations of excess supply in 2025 and 2026.
  • US crude inventories rose 4.07mbbl, more than expected but less than suggested in API data and remains below the five year seasonal average.
  • India only wants to buy Russian oil only if it is supplied by companies and ships that have not been sanctioned by the U.S. the country's oil secretary said to Reuters at India Energy Week.
  • The VLCC Daban is reported to be carrying Russian crude it received via a ship-to-ship transfer from sanctioned Russian tankers Bloomberg tracking shows.