Crude Oil Prices Slip on Dollar Strength and Oil Glut Concerns

Group 1: Oil and Gas Prices - January WTI crude oil is down -0.32 (-0.56%), and January RBOB gasoline closed down -0.0118 (-0.67%) [1] - Gasoline prices have reached a 4.75-year nearest-futures low, influenced by dollar strength and stock market weakness, dampening economic outlook and energy demand [1] - Concerns about a global oil glut are pressuring crude prices, as indicated by Trafigura's forecast of a "super glut" due to new supply and sluggish demand [2] Group 2: Geopolitical Risks - Increased geopolitical risks in Venezuela are supportive for crude prices, as US forces have intercepted sanctioned oil tankers, potentially limiting Venezuela's oil exports [3] - The Russian-Ukrainian war is also supporting crude prices, with threats from President Putin against nations aiding Ukraine and recent drone attacks on Russian tankers [4] Group 3: Russian Oil Exports - Reduced crude exports from Russia are underpinning crude prices, with shipments falling to 1.7 million bpd, the lowest in over 3 years [5] - Ukrainian attacks on Russian refineries and infrastructure have exacerbated fuel shortages in Russia, further limiting export capabilities [5] - New US and EU sanctions on Russian oil companies and infrastructure are contributing to the decline in Russian oil exports [5]