Earlier this week, representatives of the United States and Ukraine developed a ceasefire agreement proposal that would last for 30-days between Ukraine and Russia. The same agreement was proposed to Russia, however, the Russian government raised concerns about the agreement. Suggestions by Vladimir Putin take the ceasefire agreement’s proposal indicate the leader is skeptical that the agreement wouldn’t just be respite for Ukraine to continue fighting the war.
The International Energy Agency revised global oil demand forecasts by 100k bbl. per day compared to last month. IEA expects global oil demand is exceeded by supply approximately 600k bpd. The United States has been producing at record high levels and is forecasted to lead supply growth in 2025. Approximately 60% of oil demand growth (1.03 million bpd) is expected in the Asia market according to IEA.
Inventories for petroleum products showed mixed moved with a notably large draw on gasoline stocks. Gasoline inventories fell 5.7 million bbl. during the week last week – more than double the expectations of 1.9 million. Distillate stocks drew down slightly while crude inventories showed builds. The draw on gasoline gives hope for the seasonal gasoline demand through spring, however, analysts expressed concerns about the economic impact of tariff wars for the second half of the season. See the full report below.
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Propane
U.S. propane inventories had a larger than expected draw of 3.5MM bbl. yesterday. This places current inventories 12% below last year and 10% below the five-year average.
Yesterday’s consumer price index report showed U.S. costs increased 0.2% last month which was lower than expected. As a result, stock markets experienced at least a bit of a reprieve from its recent slide.
The European Union (EU) announced plans to implement $28 billion of counter tariffs on U.S. goods next month. President Trump’s kneejerk response of “Whatever they charge us, we’re charging them” indicates further developments are coming.
U.S. agencies, including the Treasury Department and Justice Department, must turn in cost-cutting proposals today. Leading into today, DOGE is said to have already eliminated over 100k positions.
Please contact your Energy Account Manager with any questions or needs that you may have.
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