- Supply uncertainties pare weekly gains as the dollar recovers to reduce the appeal of commodities
- WTI for April delivery was 1% lower at $71.78
- OPEC+ postponing its 120 MBbl/d hike would mark the fourth time the group delayed plans to bring back production that was halted in 2022
- Oil markets expect OPEC+ to delay the plan once again, despite the pressure from President Trump, due to a potential surplus in global markets
- The OPEC+ delegation is considering a delay amid cooling oil demand growth in China, swelling supply from the Americas and the risk posed by Trump’s trade tariffs
- A decision on the delay may come in early March
- A drone attack has jeopardized Kazakh CPC export pipeline flows into Russia, and the resumption of exports from Iraq’s Kurdistan region remains unclear
- These events are sustaining a 1.4% increase in futures for the week, the largest since early January
- Oil options set sights on crude reaching $100 (BBG)
- On Thursday, options equivalent to 25 MMBbl that would profit if Brent’s May contract rallies toward $100 were traded
- With Brent futures currently trading near $77 a barrel the options were relatively cheap at about 7c each
- Options volatility for far out-of-the-money calls in May increased by a point, while contracts nearer to the market edged lower
- On Thursday, options equivalent to 25 MMBbl that would profit if Brent’s May contract rallies toward $100 were traded
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