Crude oil contracts were reclaiming some of Tuesday's declines at midday Wednesday after President Trump ruled out the use of military forces to take control of Greenland.
The NYMEX March West Texas Intermediate contract was up 9cts to $60.45/bbl at about 11:30 a.m. ET and the April contract was 13cts higher at $60.22/bbl.
March ICE Brent futures were 6cts higher at $64.98/bbl and April Brent was up 14cts to $64.33/bbl.
Low temperatures across much of the U.S. continued to support diesel futures and the February ULSD contract was up 8.22cts to $2.4207/gal, with March adding 5.6cts to $2.3537/gal. Gasoline futures were also strengthening, with February RBOB contract up 2.18cts to $1.8457/gal and March 1.94cts higher at $1.8704/gal.
Petroleum futures found some support from reports that production at major oil fields in Kazakhstan, including Tengiz, was halted by power distribution issues, with output possibly halted for seven to ten days.
Exports through the Black Sea CPC pipeline have been affected, as some crude has been diverted to the domestic market. The operator declared force majeure on deliveries.
The International Energy Agency on Wednesday raised its forecast for global oil-demand growth in 2026 to roughly 930,000 b/d, up from its previous estimate of 860,000 b/d. IEA said world oil supply is still expected to exceed demand, with a significant surplus likely to persist into the first quarter, barring major disruptions.
This content was created by Oil Price Information Service, which is operated by Dow Jones & Co. OPIS is run independently from Dow Jones Newswires and The Wall Street Journal.
Reporting by Allegra Fradkin, afradkin@opisnet.com; Editing by Jeffrey Barber, jbarber@opisnet.com
(END) Dow Jones Newswires
01-21-26 1257ET
