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OIL: Mid-Day Oil Summary: Crude Loses Ground

OIL
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Crude futures continue to drift lower as the market assesses the potential impact of the new Trump administration and the greenback rises by around 0.5% on the day amid talk of tariffs. 

  • Brent MAR 25 down 1.5% at 78.92$/bbl
  • WTI FEB 25 down 2.4% at 76.01$/bbl
  • Trump declared a “national energy emergency” to be able to increase domestic oil and gas production and reverse Biden’s climate change policies.
  • U.S. President Donald Trump said on Monday night that he planned to impose previously threatened tariffs of as much as 25% on Mexico and Canada by Feb 1.
  • Platts expects a tentative bullish effect on oil prices due to increased freight costs amid expected oil trade reshuffling in the event of 25% tariffs on US oil imports from Mexico and Canada.
  • Aramco CEO Nasser sees oil demand growth of 1.3m b/d in 2025. He added that ‘good’ China demand is still driving growth, while US sanctions on Russia are already tightening the market.
  • Russian oil exports from the country’s second-largest export facility in the Baltic Sea have plunged unexpectedly in the past several weeks, Bloomberg said.
  • Norway’s December oil output was below forecast but gas output was above the official forecast according to the Norwegian Offshore Directorate.
  • The Aframax freight rate for the Russia Far East Kozmino–Shandong route surged to $7/t on January 20, up from around $1.6/t in December Vortexa reports.
  • The Aframax tanker freight rates on the Kozmino-to-China route transporting ESPO rose to a record high of $7m on Jan 21, a 324.2% increase from $1.65m on January 2, Platts said.
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Crude futures continue to drift lower as the market assesses the potential impact of the new Trump administration and the greenback rises by around 0.5% on the day amid talk of tariffs. 

  • Brent MAR 25 down 1.5% at 78.92$/bbl
  • WTI FEB 25 down 2.4% at 76.01$/bbl
  • Trump declared a “national energy emergency” to be able to increase domestic oil and gas production and reverse Biden’s climate change policies.
  • U.S. President Donald Trump said on Monday night that he planned to impose previously threatened tariffs of as much as 25% on Mexico and Canada by Feb 1.
  • Platts expects a tentative bullish effect on oil prices due to increased freight costs amid expected oil trade reshuffling in the event of 25% tariffs on US oil imports from Mexico and Canada.
  • Aramco CEO Nasser sees oil demand growth of 1.3m b/d in 2025. He added that ‘good’ China demand is still driving growth, while US sanctions on Russia are already tightening the market.
  • Russian oil exports from the country’s second-largest export facility in the Baltic Sea have plunged unexpectedly in the past several weeks, Bloomberg said.
  • Norway’s December oil output was below forecast but gas output was above the official forecast according to the Norwegian Offshore Directorate.
  • The Aframax freight rate for the Russia Far East Kozmino–Shandong route surged to $7/t on January 20, up from around $1.6/t in December Vortexa reports.
  • The Aframax tanker freight rates on the Kozmino-to-China route transporting ESPO rose to a record high of $7m on Jan 21, a 324.2% increase from $1.65m on January 2, Platts said.