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OIL: Oil End of Day Summary: WTI Down 5% on Week

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Crude jumped to rangebound at US close but is down around 5% on the week. Overall pressure today followed Trump comments that he wants OPEC to cut the price of oil and that a price cut will ‘stop the tragedy in Ukraine’ sparked further downward pressure.

  • WTI MAR 25 unchanged at 74.62$/bbl
  • The US total oil rig count was down 6 on the week at 472 rigs, according to Baker Hughes. This is 27 rigs, or 5.4% on the year.
  • President Donald Trump, speaking at a North Carolina airfield, has told reporters that OPEC must cut the price of oil, but refused to expand on his administration's response if OPEC declines.
  • OPEC+ has yet to react to a call from the US President Donald Trump to lower oil prices, with delegates pointing to the plan already in place to raise production from April, Reuters reported.
  • Kazakhstan's Tengizchevroil has initiated oil production at its new third-generation plant at the Tengiz oilfield.
  • US shale deals are set to fall in 2025 as breakeven prices for acquired inventory will likely rise, consultancy Enverus said, cited by Argus.
  • Danish shipping giant Maersk will continue to divert vessels away from the Gulf of Aden and Red Sea towards the Cape of Good Hope.
  • Adnoc Shipping rules out quick return to Red Sea despite Houthis wind down of attacks on non-Israeli ships, Reuters said.
  • The US gas clarified to India that tankers loaded with Russian oil have to discharge by Feb. 27 under the latest sanctions on Russia.
  • Libya aims to build on recent output gains to hit 1.6m b/d by end 2025, MEES said.
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Crude jumped to rangebound at US close but is down around 5% on the week. Overall pressure today followed Trump comments that he wants OPEC to cut the price of oil and that a price cut will ‘stop the tragedy in Ukraine’ sparked further downward pressure.

  • WTI MAR 25 unchanged at 74.62$/bbl
  • The US total oil rig count was down 6 on the week at 472 rigs, according to Baker Hughes. This is 27 rigs, or 5.4% on the year.
  • President Donald Trump, speaking at a North Carolina airfield, has told reporters that OPEC must cut the price of oil, but refused to expand on his administration's response if OPEC declines.
  • OPEC+ has yet to react to a call from the US President Donald Trump to lower oil prices, with delegates pointing to the plan already in place to raise production from April, Reuters reported.
  • Kazakhstan's Tengizchevroil has initiated oil production at its new third-generation plant at the Tengiz oilfield.
  • US shale deals are set to fall in 2025 as breakeven prices for acquired inventory will likely rise, consultancy Enverus said, cited by Argus.
  • Danish shipping giant Maersk will continue to divert vessels away from the Gulf of Aden and Red Sea towards the Cape of Good Hope.
  • Adnoc Shipping rules out quick return to Red Sea despite Houthis wind down of attacks on non-Israeli ships, Reuters said.
  • The US gas clarified to India that tankers loaded with Russian oil have to discharge by Feb. 27 under the latest sanctions on Russia.
  • Libya aims to build on recent output gains to hit 1.6m b/d by end 2025, MEES said.