Crude oil prices initially rose amid protests in Iran, but have since failed to rally. CBIC Private Wealth senior energy trader, Rebecca Babin, joins Market Domination Overtime host Josh Lipton to explain why oil reacted differently after geopolitical tensions in Venezuela broke out.
Venezuelan crude oil was being offered this week to U.S. Gulf Coast refiners at a premium to competing Canadian barrels, two traders said.
The 'Fast Money' traders talk swings in the oil market on Iran fears.
Trump announces $500 million Venezuela oil deal following Maduro's arrest, with more in sanctioned oil sales expected in coming weeks.
Trump told reporters in the Oval Office that "we've been told that the killing in Iran is stopping. It's stopped.
Max Layton, Citi global head of commodities, joins 'The Exchange' to discuss recent oil prices, the impact to gasoline prices and much more.
Crude oil inventories increased by 3.4 million barrels to 422.4 million barrels last week as imports rose, said the U.S. Energy Information Administration.
Iran produced 3.5 million barrels per day as of November, the third-most in the Middle East behind the United Arab Emirates (3.59 million) and Saudi Arabia (9.9 million), according to the International Energy Agency. Iran's oil accounted for 26.5% of global energy supply in 2023, the agency said.
Citi has lifted its near-term view on oil, upgrading its 0–3 month Brent forecast to US$70 a barrel as it sees rising geopolitical risk feeding a higher risk premium. With Brent around US$65/bbl, the American bank said the latest rally “has room to extend” beyond its previous US$55–65/bbl range in the coming days.
China's oil imports from Venezuela are expected to slump starting from February as fewer tankers have managed to leave for Caracas' top crude buyer after the U.S. claimed control of the OPEC producer, traders and analysts said.
The energy company joins British peer Shell in warning that weak fourth-quarter oil-trading performance would drag on earnings.
BP flagged in a trading statement on Wednesday that it expects to book $4 billion to $5 billion in impairments in the fourth quarter, mainly related to its energy transition businesses, and that its oil trading was weak.