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Quantum Commodity Intelligence – Crude oil futures in Asian trading hours Tuesday were little changed, although the firm rally going back to December looked to be running out of steam.
Front-month Mar25 ICE Brent futures were trading at $76.18/b (0645 GMT) versus Monday’s settle of $76.30/b, which came after a peak of $77.30/b.
At the same time Feb25 NYMEX WTI was trading at $73.40/b, versus Monday’s close of $73.56/b.
Prices have seen a boost in 2025 from the sharp drop in US and European temperatures, but renewed concerns over a tariff-led trade war capped further gains.
Benchmarks eased from three-month highs after US President-elect Donald Trump denied a story published by the Washington Post story that the incoming administration was considering tariffs that would only cover critical imports.
“The story in the Washington Post, quoting so-called anonymous sources, which don’t exist, incorrectly states that my tariff policy will be pared back. That is wrong. The Washington Post knows it’s wrong,” Trump posted on the Truth Social site.
Weather
Meanwhile, the Associated Press reported that a huge swath of the US was blasted with snow and ice on Monday as the polar vortex dipped south over the weekend, keeping much of the country east of the Rockies in its grip.
While the winter storm will boost heating demand, mainly through natural gas and heating oil, it will likely have an adverse impact on gasoline and jet fuel.
Oil prices also stalled as the US Dollar Index consolidated above 108 points, impacting dollar-denominated import prices and weighing on global inflation targets.
Inflation in Germany, as measured by the change in the Consumer Price Index (CPI), was up to 2.6% on a yearly basis in December from 2.2% in November, with Europe’s powerhouse set to be in for another tough economic year.
