Peace talks put pressure on energy prices
February 13, 2025
The EIA reported a draw of 2.571 million barrels to propane inventories. Total inventories are at 58.858 million and last year they were 56.900. Midwest stocks were down 1.062 million to 13.906 million total barrels and last year they were 14.314. Gulf Coast inventories were down 560,000 to a total of 38.108 and last year they were 33.213.
Crude oil inventories were up 4.070 million barrels, gasoline inventories were down 3.035 million barrels, distillates were up 135,000 barrels.
Total US crude stocks were at 427.860 and last year they were 439.450. Gasoline stocks were at 249.053 and last year they were 247.330. Distillate stocks were now at 118.615 and last year they were 125.659. Distillates are the one market that is well below last year and is a concern but with all the questions about the economy and demand these concerns keep price congested for now.
News of peace talks between Russia and Ukraine has put short-term to the news, pressure on energy prices here this morning. There are no underlying fundamental issues providing a clear trend. Just like a week or so ago, when the news of tighter sanctions on Russian and Iranian crude helped to rally prices higher, now those gains are being taken back on the news today of possible peace talks.
OPEC maintained its forecast for relatively strong growth in global oil demand in 2025, saying air and road travel would support consumption and potential trade tariffs were not expected to impact economic growth.