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OIL: Mid-Day Oil Summary: Crude Ticks Down

OIL
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Crude markets are ticking down again today and are heading for net losses around 2.5% on the week. The market has reversed course after peaking in early January.

  • Brent MAR 25 down 0.2% at 76.75$/bbl
  • WTI MAR 25 down 0.1% at 72.64$/bbl
  • The threat of tariffs saw prices rally yesterday with President Trump quoted saying “We don’t need the products that they have. We have all the oil that you need.” A decision on whether to include crude in tariffs has yet been announced.
  • Hungary says US tariffs on EU hinge on LNG purchases, Hungarian news site Index reports.
  • Oil flows from Russia’s Baltic Sea port of Ust-Luga appear to be paused following recent drone attacks by Ukraine and potential damage to the pipeline system feeding the port, Bloomberg said.
  • The JMMC overseeing the OPEC+ crude production agreement is expected to recommend continuing the current policy at its Feb. 3 meeting, as early 2025 price gains have waned, Platts said.
  • US President Trump’s promise to refill the US SPR during his second term could face a host of practical and political roadblocks, experts told Platts.
  • Chevron says it expects 9-10% oil output growth in Permian basin in 2025 on Q4 earnings call.
  • Goldman Sachs has increased its Brent crude forecast by $2/bbl as a boost from lower OECD commercial inventories outweighs a lower long term price forecast.
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Crude markets are ticking down again today and are heading for net losses around 2.5% on the week. The market has reversed course after peaking in early January.

  • Brent MAR 25 down 0.2% at 76.75$/bbl
  • WTI MAR 25 down 0.1% at 72.64$/bbl
  • The threat of tariffs saw prices rally yesterday with President Trump quoted saying “We don’t need the products that they have. We have all the oil that you need.” A decision on whether to include crude in tariffs has yet been announced.
  • Hungary says US tariffs on EU hinge on LNG purchases, Hungarian news site Index reports.
  • Oil flows from Russia’s Baltic Sea port of Ust-Luga appear to be paused following recent drone attacks by Ukraine and potential damage to the pipeline system feeding the port, Bloomberg said.
  • The JMMC overseeing the OPEC+ crude production agreement is expected to recommend continuing the current policy at its Feb. 3 meeting, as early 2025 price gains have waned, Platts said.
  • US President Trump’s promise to refill the US SPR during his second term could face a host of practical and political roadblocks, experts told Platts.
  • Chevron says it expects 9-10% oil output growth in Permian basin in 2025 on Q4 earnings call.
  • Goldman Sachs has increased its Brent crude forecast by $2/bbl as a boost from lower OECD commercial inventories outweighs a lower long term price forecast.