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OIL: Oil Summary at European Close: Crude Loses Ground

OIL
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Crude futures continue to drift lower as the market assesses the potential impact of the new Trump administration and the greenback rises on the day amid talk of tariffs. 

  • Brent MAR 25 down 0.8% at 79.54$/bbl
  • WTI FEB 25 down 1.6% at 76.6$/bbl
  • Trump declared a “national energy emergency” to be able to increase domestic oil and gas production and reverse Biden’s climate change policies.
  • U.S. President Donald Trump said on Monday night that he planned to impose previously threatened tariffs of as much as 25% on Mexico and Canada by Feb 1.
  • Platts expects a tentative bullish effect on oil prices in the event of 25% tariffs on Mexico and Canada.
  • Aramco CEO Nasser sees oil demand growth of 1.3m b/d in 2025. He added that ‘good’ China demand is still driving growth, while US sanctions on Russia are already tightening the market.
  • Director of Research Amrita Sen said, “we are expecting about 500k-1mb/d of flows disruption to Asia” from Russia.
  • China’s crude oil imports will likely rise only 1% this year, according to CNPC.
  • Tanker owner Torm is considering “when it may be relevant to resume transits through the southern part of the Red Sea,” in a statement with Bloomberg.
  • Container line MSC said it will continue sending its vessels around Africa until further notice.
  • Russian oil exports from the country’s second-largest export facility in the Baltic Sea have plunged unexpectedly in the past several weeks, Bloomberg said.
  • The Aframax freight rate for the Russia Far East Kozmino–Shandong route shipping ESPO has surged amid a lack of unsanctioned tankers.
  • Norway’s December oil output was below forecast but gas output was above the official forecast.
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Crude futures continue to drift lower as the market assesses the potential impact of the new Trump administration and the greenback rises on the day amid talk of tariffs. 

  • Brent MAR 25 down 0.8% at 79.54$/bbl
  • WTI FEB 25 down 1.6% at 76.6$/bbl
  • Trump declared a “national energy emergency” to be able to increase domestic oil and gas production and reverse Biden’s climate change policies.
  • U.S. President Donald Trump said on Monday night that he planned to impose previously threatened tariffs of as much as 25% on Mexico and Canada by Feb 1.
  • Platts expects a tentative bullish effect on oil prices in the event of 25% tariffs on Mexico and Canada.
  • Aramco CEO Nasser sees oil demand growth of 1.3m b/d in 2025. He added that ‘good’ China demand is still driving growth, while US sanctions on Russia are already tightening the market.
  • Director of Research Amrita Sen said, “we are expecting about 500k-1mb/d of flows disruption to Asia” from Russia.
  • China’s crude oil imports will likely rise only 1% this year, according to CNPC.
  • Tanker owner Torm is considering “when it may be relevant to resume transits through the southern part of the Red Sea,” in a statement with Bloomberg.
  • Container line MSC said it will continue sending its vessels around Africa until further notice.
  • Russian oil exports from the country’s second-largest export facility in the Baltic Sea have plunged unexpectedly in the past several weeks, Bloomberg said.
  • The Aframax freight rate for the Russia Far East Kozmino–Shandong route shipping ESPO has surged amid a lack of unsanctioned tankers.
  • Norway’s December oil output was below forecast but gas output was above the official forecast.