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OIL: Oil End of Day Summary: Crude Reverses Gains

OIL
BulletEnergy BulletsCommodities

Oil markets reversed earlier gains on signs of progress towards a Ukraine peace agreement. Weak economic data out of China, rising OPEC+ output and demand uncertainty from US tariffs are also weighing on crude.

  • WTI APR 25 down 1.6% at 65.97$/bblStephen Witkoff, US President Donald Trump Middle East Envoy has told Fox News that he expects “substantial progress” at a meeting with Ukrainian officials in Jeddah tomorrow.
  • China’s February’s CPI has slipped negative for the first time in 13 months, posing questions about the sustainability of China’s GDP 5% forecast.
  • Saudi Aramco CEO Amin Nasser forecasts oil demand to stand at 106.1m b/d in 2025, Bloomberg reports.
  • The dip in Brent below $70/bbl last week was driven equally by growth fears related to US tariffs and the OPEC+ decision to boost supply in April: Bloomberg economics.
  • Oil prices in the $60-$80/b mark represent a ‘reasonable range’ for the next few years, Vitol CEO Russell Hardy said at Cera week, cited by Bloomberg.
  • Crude held in floating storage stationary for at least seven days rose 4.9% w/w to 84.15m bbl as of March 7, according to Vortexa data cited by Bloomberg.
  • Bloomberg cites a note by Sparta Commodities saying WTI arbitrage into Asia appears to have opened as loading premiums fell this month while Murban premiums moved up.
  • A tanker and cargo vessel collided off England's northeastern coast, according to the Maritime and Coastguard Agency cited by BBC.
  • Yemen's Houthis threatened to resume attacks on commercial shipping transiting the Red Sea if humanitarian aid is not allowed into Gaza, according to Argus.
  • Frontera says Guyana oil license remains valid amid government cancellation notice: Reuters
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Oil markets reversed earlier gains on signs of progress towards a Ukraine peace agreement. Weak economic data out of China, rising OPEC+ output and demand uncertainty from US tariffs are also weighing on crude.

  • WTI APR 25 down 1.6% at 65.97$/bblStephen Witkoff, US President Donald Trump Middle East Envoy has told Fox News that he expects “substantial progress” at a meeting with Ukrainian officials in Jeddah tomorrow.
  • China’s February’s CPI has slipped negative for the first time in 13 months, posing questions about the sustainability of China’s GDP 5% forecast.
  • Saudi Aramco CEO Amin Nasser forecasts oil demand to stand at 106.1m b/d in 2025, Bloomberg reports.
  • The dip in Brent below $70/bbl last week was driven equally by growth fears related to US tariffs and the OPEC+ decision to boost supply in April: Bloomberg economics.
  • Oil prices in the $60-$80/b mark represent a ‘reasonable range’ for the next few years, Vitol CEO Russell Hardy said at Cera week, cited by Bloomberg.
  • Crude held in floating storage stationary for at least seven days rose 4.9% w/w to 84.15m bbl as of March 7, according to Vortexa data cited by Bloomberg.
  • Bloomberg cites a note by Sparta Commodities saying WTI arbitrage into Asia appears to have opened as loading premiums fell this month while Murban premiums moved up.
  • A tanker and cargo vessel collided off England's northeastern coast, according to the Maritime and Coastguard Agency cited by BBC.
  • Yemen's Houthis threatened to resume attacks on commercial shipping transiting the Red Sea if humanitarian aid is not allowed into Gaza, according to Argus.
  • Frontera says Guyana oil license remains valid amid government cancellation notice: Reuters