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OIL: Oil Summary At European Close: Crude Falls

OIL
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Crude has fallen today day amidst signs of easing Israel/Hamas tensions and ‘imminent’ Ukraine peace talks, though recovered some losses as the dollar weakened following delays to Trump’s reciprocal tariffs. 

  • Brent APR 25 down 0.6% at 74.76$/bbl
  • WTI MAR 25 down 0.4% at 71.06$/bbl
  • President Trump’s reciprocal tariffs will not go into effect today and are time-delayed by ~6 weeks, CNBC reports.
  • Crude fell this morning after headlines suggested that tensions around the Gaza ceasefire deal had eased, with Hamas reaffirming its commitment to the hostage release deal.
  • President Trump is likely to meet Russian President Putin in person in Saudi Arabia some time. Also it’s not “realistic” for Ukraine to join NATO. Trump has said negotiations will begin imminently but there is a long way to go before there is a truce.
  • Floating Russian and Iranian barrels have hit multi-month highs on harsher U.S. sanctions as buyers fear pulling in cargoes.
  • 94 of the 154 active tankers sanctioned by the US on Jan. 10 are now idle, Bloomberg reports.
  • Global oil demand growth is projected to average 1.1 mb/d in 2025, up from 870 kb/d in 2024, according to the IEA Monthly Oil Report.
  • US crude inventories rose 4.07mbbl, more than expected but less than suggested in API data and remains below the five year seasonal average.
  • India only wants to buy Russian oil only if it is supplied by companies and ships that have not been sanctioned by the U.S. the country's oil secretary said to Reuters at India Energy Week.
  • The expansion project at the Tengiz oil field may reach full capacity by mid-2025, the general director of Tengizchevroil told Interfax, cited by Bloomberg.
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Crude has fallen today day amidst signs of easing Israel/Hamas tensions and ‘imminent’ Ukraine peace talks, though recovered some losses as the dollar weakened following delays to Trump’s reciprocal tariffs. 

  • Brent APR 25 down 0.6% at 74.76$/bbl
  • WTI MAR 25 down 0.4% at 71.06$/bbl
  • President Trump’s reciprocal tariffs will not go into effect today and are time-delayed by ~6 weeks, CNBC reports.
  • Crude fell this morning after headlines suggested that tensions around the Gaza ceasefire deal had eased, with Hamas reaffirming its commitment to the hostage release deal.
  • President Trump is likely to meet Russian President Putin in person in Saudi Arabia some time. Also it’s not “realistic” for Ukraine to join NATO. Trump has said negotiations will begin imminently but there is a long way to go before there is a truce.
  • Floating Russian and Iranian barrels have hit multi-month highs on harsher U.S. sanctions as buyers fear pulling in cargoes.
  • 94 of the 154 active tankers sanctioned by the US on Jan. 10 are now idle, Bloomberg reports.
  • Global oil demand growth is projected to average 1.1 mb/d in 2025, up from 870 kb/d in 2024, according to the IEA Monthly Oil Report.
  • US crude inventories rose 4.07mbbl, more than expected but less than suggested in API data and remains below the five year seasonal average.
  • India only wants to buy Russian oil only if it is supplied by companies and ships that have not been sanctioned by the U.S. the country's oil secretary said to Reuters at India Energy Week.
  • The expansion project at the Tengiz oil field may reach full capacity by mid-2025, the general director of Tengizchevroil told Interfax, cited by Bloomberg.