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OIL: Oil Summary at European Close: Crude Loses Ground

OIL
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Crude front month futures have extended losses today, driven by Reuters headlines that the US pushes for a resumption of Kurdish oil exports. 

  • Brent APR 25 down 1.9% at 75$/bbl
  • WTI APR 25 down 2.1% at 70.99$/bbl
  • US administration asked Iraq to resume Kurdish oil exports quickly or face sanctions alongside Iran – sources told Reuters.
  • State media reporting comments from Kremlin spox Dmitry Peskov. Says that "there is the understanding of the need for a Trump-Putin meeting" but that there are "no concrete details yet."
  • Commerzbank Research commodity analyst Carsten Fritsch says, "the implied volatility for Brent is as low as it was last seen in the summer of 2024. Despite all the conflicts, there have been no significant supply shortfalls, sanctions have been circumvented and demand is rising less at the same time."
  • Tengiz oil supplies through the Caspian Pipeline Consortium system continue uninterrupted, according to Tengizchevroil cited by Interfax, despite the recent pipeline damage.
  • OPEC+ is widely expected to delay plans to return halted oil production for a fourth time. A Bloomberg survey showed more than 70% of respondents expect OPEC will postpone the output increase scheduled for April by between one to three months.
  • OPEC+ is expected to delay its planned April production increase amid economic and geopolitical uncertainties, according to ANZ Group.
  • Nigeria is scheduled to ship 190k b/d of Qua Iboe crude in April up from 123k b/d in March, the highest since Jan. 2024, according to Bloomberg.
  • Bloomberg reports US-bound supertankers rose to the highest in almost four months, according to vessel-tracking data compiled by Bloomberg. The flow to India climbed to the highest since January 2023.
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Crude front month futures have extended losses today, driven by Reuters headlines that the US pushes for a resumption of Kurdish oil exports. 

  • Brent APR 25 down 1.9% at 75$/bbl
  • WTI APR 25 down 2.1% at 70.99$/bbl
  • US administration asked Iraq to resume Kurdish oil exports quickly or face sanctions alongside Iran – sources told Reuters.
  • State media reporting comments from Kremlin spox Dmitry Peskov. Says that "there is the understanding of the need for a Trump-Putin meeting" but that there are "no concrete details yet."
  • Commerzbank Research commodity analyst Carsten Fritsch says, "the implied volatility for Brent is as low as it was last seen in the summer of 2024. Despite all the conflicts, there have been no significant supply shortfalls, sanctions have been circumvented and demand is rising less at the same time."
  • Tengiz oil supplies through the Caspian Pipeline Consortium system continue uninterrupted, according to Tengizchevroil cited by Interfax, despite the recent pipeline damage.
  • OPEC+ is widely expected to delay plans to return halted oil production for a fourth time. A Bloomberg survey showed more than 70% of respondents expect OPEC will postpone the output increase scheduled for April by between one to three months.
  • OPEC+ is expected to delay its planned April production increase amid economic and geopolitical uncertainties, according to ANZ Group.
  • Nigeria is scheduled to ship 190k b/d of Qua Iboe crude in April up from 123k b/d in March, the highest since Jan. 2024, according to Bloomberg.
  • Bloomberg reports US-bound supertankers rose to the highest in almost four months, according to vessel-tracking data compiled by Bloomberg. The flow to India climbed to the highest since January 2023.