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OIL: Mid-Day Oil Summary: Crude Loses Ground

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Crude front month futures extend the trend lower in place since Jan. 15 as President Trump kept up his pressure on OPEC+ calling for them to ‘cut the price of oil,’ to halt the Ukraine war.

  • Brent MAR 25 down 0.5% at 78.14$/bbl
  • WTI MAR 25 down 0.5% at 74.29$/bbl
  • The EU is set to agree to extend its current sanctions package against Russia on Monday, Bloomberg said.
  • Global crude held on stationary tankers for longer than seven days rose 13% to 66.26mbbl as of Jan. 24, according to Vortexa.
  • Goldman Sachs said a big drop in Russian production due to sanctions is not expected as higher freight rates incentivize non-sanctioned ships to move Russian oil and with a deepening discount on ESPO crude.
  • Russian ESPO has been offered at two different levels for a single destination for the first time, according to Bloomberg sources.
  • Wall Street expects US oil and gas companies to limit spending in 2025, despite Trump’s calls for “drill, baby, drill,” Reuters said.
  • Kazakhstan’s oil production reached a daily record high of 278,499 mt on Sunday.
  • Indonesian government is to redirect its share of crude oil production intended for exports towards processing into fuel in domestic refineries, Bloomberg reports.
  • Oil production from Iraq’s Rumaila field is down by 300k b/d at present after last week’s tank fire.
  • Angola is set to ship 993k b/d of crude in March, according to Bloomberg.
  • Sonatrach set the OSP for its Saharan Blend for February at a 95 cents/b premium to Dated Brent.
  • Ukraine launched a further attack at Russia’s 262k b/d Ryazan refinery on Saturday night.
  • CVR Energy on Jan. 24 announced the start of a planned turnaround at the Coffeyville, Kansas, refinery.
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Crude front month futures extend the trend lower in place since Jan. 15 as President Trump kept up his pressure on OPEC+ calling for them to ‘cut the price of oil,’ to halt the Ukraine war.

  • Brent MAR 25 down 0.5% at 78.14$/bbl
  • WTI MAR 25 down 0.5% at 74.29$/bbl
  • The EU is set to agree to extend its current sanctions package against Russia on Monday, Bloomberg said.
  • Global crude held on stationary tankers for longer than seven days rose 13% to 66.26mbbl as of Jan. 24, according to Vortexa.
  • Goldman Sachs said a big drop in Russian production due to sanctions is not expected as higher freight rates incentivize non-sanctioned ships to move Russian oil and with a deepening discount on ESPO crude.
  • Russian ESPO has been offered at two different levels for a single destination for the first time, according to Bloomberg sources.
  • Wall Street expects US oil and gas companies to limit spending in 2025, despite Trump’s calls for “drill, baby, drill,” Reuters said.
  • Kazakhstan’s oil production reached a daily record high of 278,499 mt on Sunday.
  • Indonesian government is to redirect its share of crude oil production intended for exports towards processing into fuel in domestic refineries, Bloomberg reports.
  • Oil production from Iraq’s Rumaila field is down by 300k b/d at present after last week’s tank fire.
  • Angola is set to ship 993k b/d of crude in March, according to Bloomberg.
  • Sonatrach set the OSP for its Saharan Blend for February at a 95 cents/b premium to Dated Brent.
  • Ukraine launched a further attack at Russia’s 262k b/d Ryazan refinery on Saturday night.
  • CVR Energy on Jan. 24 announced the start of a planned turnaround at the Coffeyville, Kansas, refinery.