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OIL: Oil Summary at European Close: Crude up 1.5% on Week

OIL

Crude futures are easing back today but remain set for a weekly gain of 1.5% ahead of the second term for Donald Trump, Support comes as US sanctions impact global supply, redirecting flows and increasing shipping rates. Potential for U.S. interest rate cuts this year could boost demand although uncertainty still surround tariffs and China’s oil demand growth.

  • Brent MAR 25 down 0.5% at 80.85$/bbl
  • WTI FEB 25 down 1% at 77.87$/bbl
  • US sanctioning of individual vessels have been very effective in limiting further employment of Russian trade, Vortexa said, effectively cutting off designated vessels from the international markets.
  • Drawing inventories, strong distillate demand and the latest sanctions impacting Russian oil are supporting energy at present according to Goldman Sachs Co-Head of Commodity Research Samantha Dart.
  • Oil prices hinge on China and OPEC this year according to Ineos Energy Chairman Brian Gilvary.
  • Major shipping firm Maersk has cautioned a return to using the Suez Canal following an Israel/Hamas ceasefire deal.
  • The discount for FOB Urals to Dated Brent has started to widen amid additional sanctions on Russian energy, according to Interfax citing Argus data.
  • Russian oil freight rates from its western ports to India have risen by 25% after the latest US sanctions on tankers carrying Russian oil, according to Reuters sources.
  • Chinese buyers are turning towards Kazakh crude amongst many other sources as they look to reduce exposure to Russian barrels following the latest sanctions.
  • Seaborne crude supply data suggests the market cannot afford to lose much of Russian and Iranian supplies according to Vortexa.
  • Indian Oil Corp has purchased 7mbbl of spot Middle Eastern and African crude oil via tenders, according to Reuters sources.
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Crude futures are easing back today but remain set for a weekly gain of 1.5% ahead of the second term for Donald Trump, Support comes as US sanctions impact global supply, redirecting flows and increasing shipping rates. Potential for U.S. interest rate cuts this year could boost demand although uncertainty still surround tariffs and China’s oil demand growth.

  • Brent MAR 25 down 0.5% at 80.85$/bbl
  • WTI FEB 25 down 1% at 77.87$/bbl
  • US sanctioning of individual vessels have been very effective in limiting further employment of Russian trade, Vortexa said, effectively cutting off designated vessels from the international markets.
  • Drawing inventories, strong distillate demand and the latest sanctions impacting Russian oil are supporting energy at present according to Goldman Sachs Co-Head of Commodity Research Samantha Dart.
  • Oil prices hinge on China and OPEC this year according to Ineos Energy Chairman Brian Gilvary.
  • Major shipping firm Maersk has cautioned a return to using the Suez Canal following an Israel/Hamas ceasefire deal.
  • The discount for FOB Urals to Dated Brent has started to widen amid additional sanctions on Russian energy, according to Interfax citing Argus data.
  • Russian oil freight rates from its western ports to India have risen by 25% after the latest US sanctions on tankers carrying Russian oil, according to Reuters sources.
  • Chinese buyers are turning towards Kazakh crude amongst many other sources as they look to reduce exposure to Russian barrels following the latest sanctions.
  • Seaborne crude supply data suggests the market cannot afford to lose much of Russian and Iranian supplies according to Vortexa.
  • Indian Oil Corp has purchased 7mbbl of spot Middle Eastern and African crude oil via tenders, according to Reuters sources.