CRUDE WRAP: WTI (K5) SETTLES USD 0.11 LOWER AT 69.00/BBL; BRENT (K5) SETTLES USD 0.02 HIGHER AT 73.02/BBL

Analysis details (18:27)

The crude complex was ultimately weaker, as a poor US consumer confidence report and positive Ukraine/Russia updates weighed. In the European morning WTI and Brent ground higher to hit highs of USD 69.68/bbl and 73.57/bbl, respectively, as they continued on Monday’s strength as US President Trump announced 25% tariffs on countries buying Venezuelan oil. After peaks were hit, benchmarks sold off through the duration of the session to settle just off lows. Starting the weakness was poor US consumer confidence data, whereby the headline fell to 92.9 from 98.3, beneath the expected 94.0. Further adding to the downside were upbeat Ukraine/Russia updates (more details below), and as such benchmarks hit lows of USD 68.52/bbl and 72.50/bbl, respectively. Ahead, attention turns to private inventory data after-hours whereby current expectations are (bbls): Crude -2.6mln, Distillate -2.2mln, Gasoline -2.2mln.

UKRAINE/RUSSIA: The White House came out first and said US and Russia have agreed to ensure safe navigation in the Black Sea, and also agreed to measures for implementing an agreement to ban strikes against energy facilities of Russia and Ukraine. On the war, the White House added it is to continue working towards a durable and lasting peace. Next, both Ukraine and Russia confirmed this, and in that order. Ukraine President Zelensky stated Ukraine's understanding is that the agreed ceasefire is effective immediately, while the agreement does not specify actions if Russia breaks ceasefire, Ukraine will appeal to US directly in such a case. Moreover, the Kremlin confirmed that Moscow has agreed to ensure safe navigation in the Black Sea, and that the US will help restore access to global market for Russia agricultural and fertiliser exports. On the strikes, Russia and US and have agreed to develop measures to halt strikes on Russian and Ukrainian energy facilities for a period of 30 days starting from March 18th.

25 Mar 2025 - 18:39- EnergyGeopolitical- Source: Newsquawk