{"id":17886,"date":"2025-07-24T16:15:38","date_gmt":"2025-07-24T20:15:38","guid":{"rendered":"https:\/\/pflpetroleum.com\/reports\/?p=17886"},"modified":"2025-07-24T16:15:40","modified_gmt":"2025-07-24T20:15:40","slug":"petroleum-daily-report-7-24-2025","status":"publish","type":"post","link":"https:\/\/pflpetroleum.com\/reports\/petroleum-daily-report-7-24-2025\/","title":{"rendered":"Petroleum Daily Report 7-24-2025"},"content":{"rendered":"\n

Oil prices edged higher on Thursday before paring gains in the afternoon after news broke that the Trump administration may permit Chevron to resume operations in Venezuela. Brent crude settled up 26 cents at $68.77 a barrel, while U.S. West Texas Intermediate (WTI) crude climbed 44 cents to $65.69. Earlier in the day, both benchmarks had gained more than a dollar, buoyed by supply disruptions and bullish inventory data.<\/p>\n\n\n\n

The sudden reversal in price momentum came after a Reuters report indicated Washington might ease sanctions specifically for Chevron in Venezuela. \u201cThe news about Chevron being able to go back into Venezuela and get oil going again just took the knees out of the market,\u201d said John Kilduff of Again Capital. However, he emphasized this was likely a \u201cone-off\u201d exception and not a broader opening for U.S. oil firms.<\/p>\n\n\n\n

Earlier, prices had rallied on reports that Russia was preparing to curb gasoline exports, except to a few allies such as Mongolia. This fueled concerns about tighter refined product supplies globally. \u201cRussia looking to cut off gasoline exports gave the market a boost,\u201d noted Phil Flynn of Price Futures Group.<\/p>\n\n\n\n

Also supporting early gains was the EIA\u2019s report showing a 3.2 million barrel draw in U.S. crude inventories last week\u2014double analysts\u2019 expectations\u2014signaling firm demand. Market sentiment was further buoyed by optimism over potential progress in U.S.-EU trade talks, with diplomats indicating that a 15% baseline tariff could replace a harsher 30% proposal.<\/p>\n\n\n\n

Additional supply-side jitters came from the temporary suspension of Azeri crude exports from the Turkish port of Ceyhan and a brief halt at Russia\u2019s Black Sea ports. BP confirmed chlorides had been found in some tanks at Ceyhan, though loadings continued from tanks within normal specs. The combined flow from Ceyhan and Novorossiysk represents about 2.5% of global oil supply, so any disruptions are closely watched.<\/p>\n\n\n\n

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