WTI crude oil anchored at $60 level
November 18, 2025
On Sunday, President Donald Trump said that Republicans are working on legislation that will impose sanctions on any country doing business with Russia, and he said Iran may get added to that list. Separately, President Trump said that he could have discussions with Venezuelan leader Nicolas Maduro, who has been in the crosshairs of a US military build-up in the Caribbean. He said he believes Venezuela would like to have talks with the United States, but did not provide details.
Vortexa reports that crude oil stored on tankers that have been stationary for at least 7 days rose 1.1% week over week to 103.41 million barrels in the week ended November 14, the highest levels since June 2024.
WTI crude oil is back trading around the $60 level, and prices are anchored here as geopolitical threats to supply limit the downside, and the oversupply outlook limits the upside. The market is stuck and looking for news or signs to provide clarity.
Sources said Chevron is studying options to buy international assets of sanctioned Russian oil firm Lukoil. On Friday, the US Treasury gave clearance to potential buyers to talk to Lukoil about foreign assets.
Global petroleum inventories (includes crude and all refined products in major hubs) were down on the week but gasoline and diesel inventories were down substantially. All products and regions are drawing. Gasoline inventories are now the most tightly supplied product with the US being the region of most strength. Global inventories are tight near their 11th percentile seasonally.