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OIL: Oil Heading for Weekly Decline on Fed and Focus on Supply Glut in 2025. 

OIL
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  • Stronger US GDP and PCE inflation revised up saw declines in oil prices into US market close as traders re-assessed the probability of rate cuts.
  • Having closed Wednesday night at US$70.58 WTI had spiked to $71.26 leading into the data release, only to decline for the rest of trading day to finish at $69.91 and has moved little in Asia’s trading day to be at $68.97.
  • WTI is on track to finish the week -3.20% lower following the Fed’s pivot and ongoing concerns about a supply glut in 2025.  
  • China’s Sinopec’s annual report pointed to oil demand in China having peaked with declines likely to accelerate as Chinese drivers shift to electric cars.
  • Brent opened Thursday morning in the US at US73.39 to rise leading into the data release to $73.86, only to decline down to $72.88 for Asia’s open, but has continued to trend down to $72.45.
  • Brent is on track to fall -2.75% for the week.
  • Oil industry leaders are getting on the front foot with the incoming Trump administration lobbying for insulation from tariffs, rolling back environmental regulations and allowing drilling in more locations. 
  • BP Plc and the Iraqi government took another step toward reviving one of the OPEC member’s most prolific oil and gas resources, the Kirkuk field in Northern Iraq.  
  • The US has sanctioned more tankers and companies it alleges are involved in the trade of Iranian oil, which generates revenue that supports Tehran-backed militia groups such as Hamas and the Houthis according to BBG.
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  • Stronger US GDP and PCE inflation revised up saw declines in oil prices into US market close as traders re-assessed the probability of rate cuts.
  • Having closed Wednesday night at US$70.58 WTI had spiked to $71.26 leading into the data release, only to decline for the rest of trading day to finish at $69.91 and has moved little in Asia’s trading day to be at $68.97.
  • WTI is on track to finish the week -3.20% lower following the Fed’s pivot and ongoing concerns about a supply glut in 2025.  
  • China’s Sinopec’s annual report pointed to oil demand in China having peaked with declines likely to accelerate as Chinese drivers shift to electric cars.
  • Brent opened Thursday morning in the US at US73.39 to rise leading into the data release to $73.86, only to decline down to $72.88 for Asia’s open, but has continued to trend down to $72.45.
  • Brent is on track to fall -2.75% for the week.
  • Oil industry leaders are getting on the front foot with the incoming Trump administration lobbying for insulation from tariffs, rolling back environmental regulations and allowing drilling in more locations. 
  • BP Plc and the Iraqi government took another step toward reviving one of the OPEC member’s most prolific oil and gas resources, the Kirkuk field in Northern Iraq.  
  • The US has sanctioned more tankers and companies it alleges are involved in the trade of Iranian oil, which generates revenue that supports Tehran-backed militia groups such as Hamas and the Houthis according to BBG.