- WTI crude climbs above $73 per barrel, extending a 1.4% gain from Monday
- U.S. sanctions have tightened Russian crude supply, pushing output below OPEC+ quotas and leading to deeper discounts for Chinese refiners
- A surge in European natural gas prices increases demand for oil, while strong Asian crude prices support the rally despite concerns over Trump’s new tariffs
- Oil exports from Russia’s Sakhalin Island stall as sanctions disrupt shipments (BBG)
- Over 6.3 million barrels of Russian Pacific crude remain on stationary vessels due to U.S. sanctions, with only one of eight recent Sokol shipments successfully discharged
- Russia’s daily crude exports have dropped by 750,000 barrels, about 25%, from the previous week, pushing total crude export revenue down 28% to $990 million – the lowest since December 2022
- Gulf Coast refiners reject high-water Mexican crude, shift to alternatives (Oil Price)
- U.S. Gulf Coast refiners are turning away Mexican Maya crude due to excessive water content (up to 6%), six times above industry standards, forcing them to seek Colombian and Canadian alternatives
- Crude imports from Mexico hit a 35-year low amid concerns over potential U.S. tariffs, analyst warn Mexico could reroute 600 MBbl/d of exports to Asia and Europe fs trade restrictions take effect
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