Petroleum Daily Report 3-24-2025

Oil prices rose 1% on Monday after President Trump announced a 25% tariff on countries purchasing oil and gas from Venezuela. Brent crude increased 84 cents (1.2%) to $73, while WTI gained 83 cents (1.2%) to $69.11. However, price gains were limited as the U.S. granted Chevron until May 27 to wind down its Venezuelan […]

Petroleum Daily Report 3-21-2025

Oil prices settled higher on Friday, marking a second consecutive weekly gain as fresh U.S. sanctions on Iran and OPEC+ output plans signaled tighter supply. Brent crude rose 16 cents (0.2%) to $72.16, while WTI increased 21 cents (0.3%) to $68.28. For the week, Brent gained 2.1% and WTI 1.6%, their largest increases since early […]

Petroleum Daily Report 3-20-2025

Oil prices rose on Thursday as new U.S. sanctions targeting Iran, including Chinese “teapot” refiners and vessels supplying Iranian crude, heightened geopolitical tensions. Brent crude settled up $1.22 (1.72%) at $72, while WTI’s April contract expired at $68.26, up $1.10 (1.64%). The more actively traded May WTI contract rose $1.16 (1.73%) to $68.07. OPEC+ released […]

Petroleum Daily Report 3-19-2025

Oil prices edged up on Wednesday after U.S. government data showed a draw in fuel inventories, though gains were capped by the Federal Reserve’s decision to hold interest rates steady. Brent crude settled up 22 cents (0.31%) at $70.78, while WTI rose 26 cents (0.39%) to $67.16. U.S. crude stocks rose by 1.7 million barrels […]

Petroleum Daily Report 3-18-2025

Oil prices eased about 1% on Tuesday as U.S. President Trump and Russian President Putin discussed a potential ceasefire in Ukraine, agreeing to a 30-day halt on attacks targeting each other’s energy infrastructure. Brent crude settled down 51 cents (0.7%) at $70.56, while WTI fell 68 cents (1.0%) to $66.90. While the possibility of eased […]

Petroleum Daily Report 3-17-2025

Oil prices rose slightly on Monday as geopolitical tensions and positive Chinese economic data supported market sentiment. Brent crude settled up 49 cents (0.7%) at $71.07, while WTI gained 40 cents (0.6%) to $67.58. The U.S. expanded military operations in the Middle East, vowing to continue strikes against Yemen’s Houthi rebels until their attacks on […]

Petroleum Daily Report 3-14-2025

Oil prices rebounded by 1% on Friday, closing the week nearly unchanged as investors weighed diminishing prospects for a quick Ukraine war resolution that could ease sanctions on Russian oil. Brent settled up 70 cents (1%) at $70.58, while WTI rose 63 cents (1%) to $67.18. This followed Thursday’s 1.5% and 1.7% declines, respectively. Both […]

Petroleum Daily Report 3-13-2025

Oil prices fell over 1% on Thursday as concerns over tariff wars and uncertainty surrounding a U.S. proposal for a Russia-Ukraine ceasefire weighed on the market. Brent settled down $1.07 (1.5%) at $69.88, while WTI dropped $1.13 (1.7%) to $66.55. The International Energy Agency (IEA) revised its 2025 oil demand growth forecast down by 70,000 […]

Petroleum Daily Report 3-12-2025

Oil prices rose 2% on Wednesday as U.S. government data showed smaller-than-expected crude inventory builds and larger-than-expected fuel draws, indicating stronger demand. Brent settled up $1.39 (2%) at $70.95, while WTI gained $1.43 (2.2%) to $67.68. U.S. crude stockpiles increased by 1.4 million barrels, lower than the 2-million-barrel rise expected. Meanwhile, gasoline inventories fell by […]

Petroleum Daily Report 3-11-2025

Oil prices edged higher on Tuesday, supported by a weaker dollar but capped by concerns over a U.S. economic slowdown and tariffs. Brent settled up $0.28 (0.4%) at $69.56, while WTI gained $0.22 (0.3%) to $66.25. Both had fallen 1.5% in the previous session. A weaker U.S. dollar made oil cheaper for foreign buyers, but […]