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]

January WTI crude oil (CLF26) on Thursday closed down -0.78 (-1.34%), and January RBOB gasoline (RBF26) closed down -0.0232 (-1.15%). Crude oil and gasoline retreated on Thursday, with crude posting a 7-week low and gasoline slumping to a 4.75-year nearest-futures low.  Concerns about a global oil glut continue to pressure crude prices.  Also, today's stock weakness has dampened optimism in the economic outlook, a bearish factor for energy demand. More News from Barchart Losses in crude were limited T ...

Core Insights - Crude oil and gasoline prices have experienced significant declines, with crude reaching a 2-week low and gasoline hitting a 4.75-year low in nearest-futures [2] - The seizure of a sanctioned oil tanker by US forces off the coast of Venezuela has led to a rally in crude prices, as it may hinder Venezuela's oil export capabilities [2][6] - Concerns about a global oil glut are prevalent, with Trafigura predicting a "super glut" in the coming year due to new supply outpacing sluggish demand [4] Price Movements - January WTI crude oil closed up by $0.21 (+0.36%), while January RBOB gasoline closed down by $0.0082 (-0.46%) [1] - The weekly EIA inventory report showed mixed results, with crude supplies falling more than expected, while gasoline and distillate stockpiles rose more than anticipated [3] Supply Dynamics - Saudi Aramco's decision to cut the price of Arab Light crude oil for Asian customers by $0.30 per barrel for January delivery indicates weaker energy demand [5] - Russian crude exports have decreased significantly, with shipments falling to 1.7 million barrels per day (bpd) in early November, the lowest in over three years [7] - New US and EU sanctions on Russian oil companies and infrastructure are further limiting Russia's crude export capabilities [7] Geopolitical Factors - Geopolitical tensions are influencing crude prices, with threats from Russian President Putin regarding attacks on ships aiding Ukraine and recent drone attacks on Russian tankers [6] - The US has indicated potential military actions in Venezuela, which could impact the global oil supply given Venezuela's status as the 12th-largest oil producer [6]