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OIL: Oil Summary At European Close: Crude Falls

OIL
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Oil markets have 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.

  • Brent MAY 25 down 0.6% at 69.91$/bbl
  • WTI APR 25 down 0.5% at 66.68$/bbl
  • Stephen 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.
  • Funds cut net long positions on Brent by the most since July although WTI net longs positions recovered slightly after the declines in Feb.
  • According to Bloomberg Economics, 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.
  • 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.
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Oil markets have 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.

  • Brent MAY 25 down 0.6% at 69.91$/bbl
  • WTI APR 25 down 0.5% at 66.68$/bbl
  • Stephen 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.
  • Funds cut net long positions on Brent by the most since July although WTI net longs positions recovered slightly after the declines in Feb.
  • According to Bloomberg Economics, 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.
  • 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.