Petroleum Daily Report 1-14-2025

Oil prices eased on Tuesday as the U.S. Energy Information Administration (EIA) forecast steady domestic oil demand in 2025 alongside a slight increase in supply projections. However, losses were limited by new U.S. sanctions targeting Russian oil exports to India and China. Brent crude dropped $1.09 (-1.35%) to settle at $79.92 per barrel, while WTI […]

Petroleum Daily Report 1-13-2025

Oil prices rose roughly 2% on Monday to reach a four-month high, driven by expectations that expanded U.S. sanctions on Russian oil would prompt major buyers like India and China to seek alternative suppliers. Brent crude gained $1.25 (+1.6%) to close at $81.01, its highest since August 26. WTI rose $2.25 (+2.9%) to settle at […]

Petroleum Daily Report 1-10-2025

Oil prices surged nearly 3% on Friday, reaching three-month highs as traders prepared for supply disruptions from the U.S.’s most comprehensive sanctions package targeting Russia’s oil and gas revenues. Brent crude settled at $79.45 (+$2.53, +3.3%), briefly surpassing $80, while WTI closed at $76.30 (+$2.38, +3.2%). Earlier in the session, both benchmarks gained over 4% […]

Petroleum Daily Report 1-9-2025

Oil prices climbed over 1% on Thursday, with Brent settling at $76.92 (+$0.76, +1%) and WTI at $73.92 (+$0.60, +0.82%), driven by heightened winter fuel demand amid cold weather in the U.S. and Europe. Analysts noted that for every degree Fahrenheit below the 10-year average, heating oil and propane consumption increases by 113,000 barrels per […]

Petroleum Daily Report 1-8-2025

On Wednesday, oil prices edged higher but gave up some earlier gains as the strengthening U.S. dollar exerted pressure on the market. Brent crude settled at $77.37 per barrel, up $0.32 (+0.42%), while U.S. West Texas Intermediate (WTI) rose $0.47 (+0.63%) to close at $74.72 per barrel. Both benchmarks had climbed over 1% earlier in […]

Petroleum Daily Report 1-7-2025

Oil prices rose on Tuesday, supported by concerns over supply disruptions from Russia and Iran due to Western sanctions and expectations of higher demand from China. Brent crude settled at $77.05 per barrel, up $0.75 (+0.98%), while U.S. West Texas Intermediate (WTI) closed at $74.25 per barrel, up $0.69 (+0.94%). Traders cited tight post-holiday supplies […]

Petroleum Daily Report 1-6-2025

Oil prices declined on Monday in a volatile session as bearish economic news from the U.S. and Germany countered the bullish impact of a weaker U.S. dollar and increased heating demand due to a winter storm. Brent crude dropped 21 cents (0.3%) to $76.30 a barrel, while WTI fell 40 cents (0.5%) to $73.56. Despite […]

Petroleum Daily Report 1-3-2025

Oil prices rose on Friday, continuing their upward momentum and heading for notable weekly gains. Brent crude climbed $0.69 (+0.9%) to $76.62 per barrel by mid-day trading, while U.S. West Texas Intermediate (WTI) increased $1.11 (+1.5%) to $74.24. For the week, Brent was set to gain 3.3%, with WTI poised for a 5% increase. Prices […]

Petroleum Daily Report 1-2-2025

Oil prices rose sharply on Thursday, the first trading day of 2025, as optimism over China’s economic policies and fuel demand boosted sentiment. Brent crude settled at $75.93 per barrel, up $1.29 (+1.7%), while U.S. West Texas Intermediate (WTI) closed at $73.13 per barrel, gaining $1.41 (+2%). However, swelling U.S. gasoline and distillate inventories limited […]

Petroleum Daily Report 12-31-2024

Oil prices ended higher on the final trading day of 2024, with Brent crude settling at $74.64 per barrel, up $0.65 (+0.88%), and U.S. West Texas Intermediate (WTI) at $71.72 per barrel, rising $0.73 (+1.03%). Despite the daily gains, Brent recorded a 3% annual decline from its 2023 close of $77.04, while WTI remained largely […]