CRUDE WRAP: WTI (J5) SETTLES USD 1.13 LOWER AT 66.15/BBL; BRENT (K5) SETTLES USD 1.07 LOWER AT USD 69.88/BBL

Analysis details (18:34)

The crude complex was lower and initially weighed on by US envoy Witkoff landing in Russia, and then extended further by some constructive remarks from Putin, in addition to the downbeat risk tone. WTI and Brent fell to lows of USD 66.37/bbl and 69.66/bbl, respectively, after the Russian President said he agreed to stop fighting in Ukraine but it should lead to long-standing peace and that they have to eliminate the root cause of the conflict. Putin further added that maybe he and Trump will have a phone call, something Trump later echoed. On Trump remarks, he noted Witkoff is in serious discussions in Russia and hopefully should have an idea today how we're doing. That was the main story in the energy space on Thursday, but do note the monthly IEA OMR cut its 2025 oil demand growth forecast to 1.03mln BPD (prev. 1.1mln BPD), and noted risks to the market outlook remain rife and uncertainties abound. Looking to Friday, UoM is arguably the highlight, something Fed's Williams recently pointed towards watching, as well as the weekly Baker Hughes rig count ahead of a deluge of risk events next week.

13 Mar 2025 - 18:33- EnergyGeopolitical- Source: Newsquawk