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OIL: Oil Little Changed on Thin Trading

OIL
BulletEnergy BulletsCommodities

Oil prices are little changed on Friday, struggling for direction on thinner trading while dollar strength continues to weigh on any upside moves.

  • Brent FEB 25 up 0.1% at 73.31$/bbl
  • WTI FEB 25 up 0.1% at 69.71$/bbl
  • Gasoil JAN 25 down -0.2% at 670$/mt
  • WTI-Brent up 0.01$/bbl at -3.6$/bbl
  • The latest weekly report on U.S. inventories from the API showed crude stocks fell last week by 3.2 mn bbls on Tuesday.
  • The EIA data is due at 1 p.m. EST (1800 GMT) on Friday, delayed by the Christmas holiday.
  • Oil has remained in a narrow band since October with geopolitical risks, OPEC+, China outlooks and the U.S. dollar as key drivers in that time.
  • Concerns for oil market oversupply into 2025 remain though any indications that Trump plans to enforce stricter sanctions on Iran/Russia and Venezuela add support. High levels of global spare capacity cap potential sanctions drivers.
  • WTI’s prompt spread points to near-term tightness with the nearby contract trading at a premium of 39 cents a barrel to the next in line.
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Oil prices are little changed on Friday, struggling for direction on thinner trading while dollar strength continues to weigh on any upside moves.

  • Brent FEB 25 up 0.1% at 73.31$/bbl
  • WTI FEB 25 up 0.1% at 69.71$/bbl
  • Gasoil JAN 25 down -0.2% at 670$/mt
  • WTI-Brent up 0.01$/bbl at -3.6$/bbl
  • The latest weekly report on U.S. inventories from the API showed crude stocks fell last week by 3.2 mn bbls on Tuesday.
  • The EIA data is due at 1 p.m. EST (1800 GMT) on Friday, delayed by the Christmas holiday.
  • Oil has remained in a narrow band since October with geopolitical risks, OPEC+, China outlooks and the U.S. dollar as key drivers in that time.
  • Concerns for oil market oversupply into 2025 remain though any indications that Trump plans to enforce stricter sanctions on Iran/Russia and Venezuela add support. High levels of global spare capacity cap potential sanctions drivers.
  • WTI’s prompt spread points to near-term tightness with the nearby contract trading at a premium of 39 cents a barrel to the next in line.