19 February 2025: 08:30 GMT
Flat price is recovering leading to some head scratching. Two things come up front 1) the cold weather hitting oil producing areas in the US and unlike Canada, production tends to go down severely during the freezing periods. The North Dakota Pipeline Authority expects 150 kb/d to be shut in. 2) The Kazakhstan and… wink, wink, Russian export loss as Ukraine’s attack on the pumping station affected upwards of 300 kb/d. Other than that tenuous talk to lower Russian price caps and the OPEC members considering not to resume bottled in production in April. Regardless, flat price is up. April Brent reversed its recent declines, closing at $76.42/bbl and climbing to above $76.50 before 10:30 GMT. Supply anxieties and doubts about the realities of a Ukraine/Russia ceasefire make for a potent cocktail.
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