Oil Eyes 2nd Straight Weekly Loss as Stockpiles Surge


   
Barani Krishnan
DTN Refined Fuels Market Reporter

   SECAUCUS, NJ (DTN) -- Crude and gasoline futures extended their declines on 
Friday (2/13) morning on concerns over surging stockpiles and weakening demand. 
 Also weighing was the U.S. desire for more talks with Iran, a development 
which eased geopolitical tensions.

   The NYMEX WTI crude futures contract for March was down $0.26, or 0.4%, to 
$62.58 bbl.  ICE Brent crude futures for April delivery fell $0.21, or 0.3%, to 
$67.31 bbl.

   For the week, WTI was headed for a 2% drop, adding to the prior week's loss 
of nearly 3%, while Brent was on track to fall 1.5% after the previous weekly 
decline of almost 4%.

   Downstream, March RBOB futures contract eased $ 0.0130 to $1.9029 gallon. 
The front-month ULSD contract bucked the downtrend, rising by $0.0012 to 
$2.3939 gallon.

   The U.S. Dollar Index rose by 0.093 points to 96.93 against a basket of 
currencies, adding to the pressure on commodities denominated in the greenback.

   The latest monthly reading on the U.S. Consumer Price Index, due at 8.30 
a.m. ET, could influence movements in oil later in the day as market 
participants factor the impact of inflation on the economy. The CPI is expected 
to have grown 2.5% year-on-year versus its December rise of 2.7% and against 
the Federal Reserve's long-term target of 2%.

   Bearish sentiment intensified in energy markets this week after the U.S. 
Energy Information Administration reported a large weekly build in crude and 
gasoline inventories for the period ending February 6.

   U.S. crude stocks surged by 8.5 million bbl -- the most in a week since 
January 2025 -- after the prior week's 3.5 million bbl decline caused by the 
disruptions of Winter Storm Fern, the EIA reported Wednesday (2/11).

   U.S. gasoline balances climbed for the 13th straight week, rising 1.2 
million bbl to 259.1 million as winter weather continued to suppress national 
driving demand.

   The International Energy Agency, meanwhile, cut its 2026 global demand 
growth forecast to 850,000 bpd from a prior 930,000 bpd. The IEA forecast, 
contained in its February report issued Thursday (2/12), maintained its 3.7 
million-bbl glut projection for the year.

   On the geopolitical front, U.S. President Donald Trump calmed energy markets 
by saying he favored diplomacy over military force with Iran, OPEC's 
fourth-largest producer and exporter with 3.2 million bpd.
 




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