{"id":17695,"date":"2025-07-03T15:57:00","date_gmt":"2025-07-03T19:57:00","guid":{"rendered":"https:\/\/pflpetroleum.com\/reports\/?p=17695"},"modified":"2025-07-03T15:57:02","modified_gmt":"2025-07-03T19:57:02","slug":"petroleum-daily-report-7-3-2025","status":"publish","type":"post","link":"https:\/\/pflpetroleum.com\/reports\/petroleum-daily-report-7-3-2025\/","title":{"rendered":"Petroleum Daily Report 7-3-2025"},"content":{"rendered":"\n

Oil prices eased slightly on Thursday as traders weighed the risk of slower global energy demand stemming from tariff uncertainty, just ahead of a widely anticipated supply boost from OPEC+ producers. Brent crude settled down 31 cents, or 0.45%, at $68.80 a barrel, while U.S. West Texas Intermediate (WTI) crude dropped 45 cents, or 0.67%, to $67.00 in thin trading before the Independence Day holiday.<\/p>\n\n\n\n

Market participants grew increasingly cautious ahead of the July 9 expiration of U.S. President Donald Trump’s 90-day pause on tariff implementation. With major trade deals still unresolved\u2014particularly with the European Union and Japan\u2014concerns mounted that escalating trade tensions could weigh on global economic growth and fuel demand. While Wednesday\u2019s trade deal with Vietnam provided a brief lift, overall sentiment remains clouded by uncertainty.<\/p>\n\n\n\n

Further pressure came from expectations that OPEC+ will agree to a 411,000 barrels per day output hike during its policy meeting this weekend. A slowdown in China\u2019s service sector growth in June, the weakest in nine months, also signaled waning demand from the world\u2019s largest oil importer. Meanwhile, a surprise build in U.S. crude inventories added to bearish sentiment. The U.S. Energy Information Administration reported a 3.8 million barrel increase in crude stocks last week, contrasting with analyst forecasts for a drawdown.<\/p>\n\n\n\n

U.S. oil production signals also leaned bearish. The number of active oil rigs fell by seven to 425, according to Baker Hughes\u2014the lowest count since September 2021. While U.S. job growth came in stronger than expected for June, nearly half of the gains were in the public sector. Slower hiring in manufacturing and retail, attributed to tariffs, suggested underlying economic headwinds.<\/p>\n\n\n\n

Although geopolitical tension remains in the background\u2014highlighted by Iran suspending cooperation with the U.N. nuclear watchdog and new U.S. sanctions\u2014market reaction was muted.<\/p>\n\n\n\n

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