Dollar Strength and Stock Market Weakness Undercut Crude Oil Prices

Group 1: Oil and Gas Prices - January WTI crude oil closed down -0.16 (-0.28%), while January RBOB gasoline closed down -0.0077 (-0.44%) [1] - Gasoline prices 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 highlighted by Trafigura's prediction 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 intercepted a sanctioned oil tanker, potentially complicating Venezuela's oil exports [3] - The Russian-Ukrainian war continues to support 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, limiting export capabilities [5] - New US and EU sanctions on Russian oil companies and infrastructure have further curtailed Russian oil exports [5]