<p data-path-to-node="2" id="p-rc_817613d15c11e149-113" style="font-family: "Google Sans Text", sans-serif !important; line-height: 1.15 !important;"><span data-path-to-node="2,0" class="" style="line-height: 1.15 !important;"><b data-path-to-node="2,0" data-index-in-node="0" style="line-height: 1.15 !important;">NEW YORK / LONDON</b> — Crude oil futures closed a volatile trading session mixed as international energy commodity desks found themselves caught in an intense tug-of-war between expanding physical crude supply and stubborn, compounding security risks across vital maritime waterways</span><span data-path-to-node="2,1" class="" style="line-height: 1.15 !important;"><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><source-footnote _nghost-ng-c2563806301="" class="ng-star-inserted" style="line-height: 1.15 !important;"><sup _ngcontent-ng-c2563806301="" class="superscript" style="line-height: 1.15 !important; font-size: 16px !important; background-color: transparent !important;"><!----></sup></source-footnote><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----></span><span data-path-to-node="2,2" style="line-height: 1.15 !important;">.</span><sources-carousel-inline ng-version="0.0.0-PLACEHOLDER" _nghost-ng-c117407407="" style="line-height: 1.15 !important;"><!----></sources-carousel-inline></p><p data-path-to-node="3" id="p-rc_817613d15c11e149-114" style="font-family: "Google Sans Text", sans-serif !important; line-height: 1.15 !important;"><span data-path-to-node="3,0" style="line-height: 1.15 !important;">At the close of trading on the New York Mercantile Exchange (NYMEX), West Texas Intermediate (WTI) crude futures for prompt delivery settled slightly in the red, slipping 0.12% to finish at $76.51 per barrel</span><span data-path-to-node="3,1" class="" style="line-height: 1.15 !important;"><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><source-footnote _nghost-ng-c2563806301="" class="ng-star-inserted" style="line-height: 1.15 !important;"><sup _ngcontent-ng-c2563806301="" class="superscript" style="line-height: 1.15 !important; font-size: 16px !important; background-color: transparent !important;"><!----></sup></source-footnote><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----></span><span data-path-to-node="3,2" style="line-height: 1.15 !important;">. Across the Atlantic, global benchmark Brent crude futures on the ICE Futures Europe exchange in London moved in the opposite direction, gaining 0.66% to settle at $80.38 per barrel</span><span data-path-to-node="3,3" class="" style="line-height: 1.15 !important;"><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><source-footnote _nghost-ng-c2563806301="" class="ng-star-inserted" style="line-height: 1.15 !important;"><sup _ngcontent-ng-c2563806301="" class="superscript" style="line-height: 1.15 !important; font-size: 16px !important; background-color: transparent !important;"><!----></sup></source-footnote><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----></span><span data-path-to-node="3,4" style="line-height: 1.15 !important;">. The divergent closing trajectory underscores the conflicting pressures currently dominating the global energy landscape</span><span data-path-to-node="3,5" class="" style="line-height: 1.15 !important;"><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><source-footnote _nghost-ng-c2563806301="" class="ng-star-inserted" style="line-height: 1.15 !important;"><sup _ngcontent-ng-c2563806301="" class="superscript" style="line-height: 1.15 !important; font-size: 16px !important; background-color: transparent !important;"><!----></sup></source-footnote><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----></span><span data-path-to-node="3,6" style="line-height: 1.15 !important;">.</span><sources-carousel-inline ng-version="0.0.0-PLACEHOLDER" _nghost-ng-c117407407="" style="line-height: 1.15 !important;"> <!----><source-inline-chip _ngcontent-ng-c117407407="" _nghost-ng-c230154732="" class="ng-star-inserted" style="line-height: 1.15 !important;"><!----><!----><!----><!----><!----></source-inline-chip><!----><!----><!----></sources-carousel-inline></p><p data-path-to-node="4" id="p-rc_817613d15c11e149-115" style="font-family: "Google Sans Text", sans-serif !important; line-height: 1.15 !important;"><span data-path-to-node="4,0" style="line-height: 1.15 !important;">Bearish fundamentals gained momentum following official inventory data and reports of steady upstream output recovery</span><span data-path-to-node="4,1" class="" style="line-height: 1.15 !important;"><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><source-footnote _nghost-ng-c2563806301="" class="ng-star-inserted" style="line-height: 1.15 !important;"><sup _ngcontent-ng-c2563806301="" class="superscript" style="line-height: 1.15 !important; font-size: 16px !important; background-color: transparent !important;"><!----></sup></source-footnote><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----></span><span data-path-to-node="4,2" style="line-height: 1.15 !important;">. Commercial crude inventories in the United States and non-OPEC production centers demonstrated unexpected resilience, while several regional loading terminals in the Middle East reported incremental volume rebounds under monitored de-escalation agreements</span><span data-path-to-node="4,3" class="" style="line-height: 1.15 !important;"><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><source-footnote _nghost-ng-c2563806301="" class="ng-star-inserted" style="line-height: 1.15 !important;"><sup _ngcontent-ng-c2563806301="" class="superscript" style="line-height: 1.15 !important; font-size: 16px !important; background-color: transparent !important;"><!----></sup></source-footnote><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----></span><span data-path-to-node="4,4" style="line-height: 1.15 !important;">. The return of commercial shuttle tankers and the phased restoration of bulk loading operations in key production basins helped alleviate immediate physical shortage anxieties for Western refiners</span><span data-path-to-node="4,5" class="" style="line-height: 1.15 !important;"><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><source-footnote _nghost-ng-c2563806301="" class="ng-star-inserted" style="line-height: 1.15 !important;"><sup _ngcontent-ng-c2563806301="" class="superscript" style="line-height: 1.15 !important; font-size: 16px !important; background-color: transparent !important;"><!----></sup></source-footnote><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----></span><span data-path-to-node="4,6" style="line-height: 1.15 !important;">.</span><sources-carousel-inline ng-version="0.0.0-PLACEHOLDER" _nghost-ng-c117407407="" style="line-height: 1.15 !important;"> <!----><source-inline-chip _ngcontent-ng-c117407407="" _nghost-ng-c230154732="" class="ng-star-inserted" style="line-height: 1.15 !important;"><!----><!----><!----><!----><!----></source-inline-chip><!----><!----><!----></sources-carousel-inline></p><p data-path-to-node="5" id="p-rc_817613d15c11e149-116" style="font-family: "Google Sans Text", sans-serif !important; line-height: 1.15 !important;"><span data-path-to-node="5,0" style="line-height: 1.15 !important;">However, the downside across headline benchmarks was firmly constrained by persistent, acute security risks along arterial shipping corridors</span><span data-path-to-node="5,1" class="" style="line-height: 1.15 !important;"><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><source-footnote _nghost-ng-c2563806301="" class="ng-star-inserted" style="line-height: 1.15 !important;"><sup _ngcontent-ng-c2563806301="" class="superscript" style="line-height: 1.15 !important; font-size: 16px !important; background-color: transparent !important;"><!----></sup></source-footnote><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----></span><span data-path-to-node="5,2" style="line-height: 1.15 !important;">. While export taps remain open, getting wet barrels safely across oceanic waterways has become an increasingly complex and costly endeavor</span><span data-path-to-node="5,3" class="" style="line-height: 1.15 !important;"><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><source-footnote _nghost-ng-c2563806301="" class="ng-star-inserted" style="line-height: 1.15 !important;"><sup _ngcontent-ng-c2563806301="" class="superscript" style="line-height: 1.15 !important; font-size: 16px !important; background-color: transparent !important;"><!----></sup></source-footnote><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----></span><span data-path-to-node="5,4" style="line-height: 1.15 !important;">. The strategic Strait of Hormuz and the southern Red Sea approaches around Bab Al-Mandab continue to be categorized by marine underwriting syndicates as active High-Risk Areas</span><span data-path-to-node="5,5" class="" style="line-height: 1.15 !important;"><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><source-footnote _nghost-ng-c2563806301="" class="ng-star-inserted" style="line-height: 1.15 !important;"><sup _ngcontent-ng-c2563806301="" class="superscript" style="line-height: 1.15 !important; font-size: 16px !important; background-color: transparent !important;"><!----></sup></source-footnote><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----></span><span data-path-to-node="5,6" style="line-height: 1.15 !important;">.</span><sources-carousel-inline ng-version="0.0.0-PLACEHOLDER" _nghost-ng-c117407407="" style="line-height: 1.15 !important;"><!----></sources-carousel-inline></p><p data-path-to-node="6" id="p-rc_817613d15c11e149-117" style="font-family: "Google Sans Text", sans-serif !important; line-height: 1.15 !important;"><span data-path-to-node="6,0" style="line-height: 1.15 !important;">Energy chartering desks report that Additional War Risk Premiums (AWRP) and elevated day rates for unescorted Very Large Crude Carriers (VLCCs) continue to trade at punitive levels</span><span data-path-to-node="6,1" class="" style="line-height: 1.15 !important;"><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><source-footnote _nghost-ng-c2563806301="" class="ng-star-inserted" style="line-height: 1.15 !important;"><sup _ngcontent-ng-c2563806301="" class="superscript" style="line-height: 1.15 !important; font-size: 16px !important; background-color: transparent !important;"><!----></sup></source-footnote><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----></span><span data-path-to-node="6,2" style="line-height: 1.15 !important;">. These multi-million-dollar maritime liabilities, paired with the operational necessity of rerouting long-haul crude shipments around Africa’s Cape of Good Hope, have significantly expanded global tonne-mile demand and locked in heavy freight and insurance surcharges</span><span data-path-to-node="6,3" class="" style="line-height: 1.15 !important;"><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><source-footnote _nghost-ng-c2563806301="" class="ng-star-inserted" style="line-height: 1.15 !important;"><sup _ngcontent-ng-c2563806301="" class="superscript" style="line-height: 1.15 !important; font-size: 16px !important; background-color: transparent !important;"><!----></sup></source-footnote><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----></span><span data-path-to-node="6,4" style="line-height: 1.15 !important;">.</span><sources-carousel-inline ng-version="0.0.0-PLACEHOLDER" _nghost-ng-c117407407="" style="line-height: 1.15 !important;"><!----></sources-carousel-inline></p><p data-path-to-node="7" id="p-rc_817613d15c11e149-118" style="font-family: "Google Sans Text", sans-serif !important; line-height: 1.15 !important;"><span data-path-to-node="7,0" style="line-height: 1.15 !important;">Downstream processors and coastal refineries across Europe and East Asia are feeling the pinch</span><span data-path-to-node="7,1" class="" style="line-height: 1.15 !important;"><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><source-footnote _nghost-ng-c2563806301="" class="ng-star-inserted" style="line-height: 1.15 !important;"><sup _ngcontent-ng-c2563806301="" class="superscript" style="line-height: 1.15 !important; font-size: 16px !important; background-color: transparent !important;"><!----></sup></source-footnote><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----></span><span data-path-to-node="7,2" style="line-height: 1.15 !important;">. Refiners are confronting tightening middle distillate crack spreads and inflated landed crude costs, forcing traders to actively hedge against sudden maritime transit disruptions</span><span data-path-to-node="7,3" class="" style="line-height: 1.15 !important;"><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><source-footnote _nghost-ng-c2563806301="" class="ng-star-inserted" style="line-height: 1.15 !important;"><sup _ngcontent-ng-c2563806301="" class="superscript" style="line-height: 1.15 !important; font-size: 16px !important; background-color: transparent !important;"><!----></sup></source-footnote><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----></span><span data-path-to-node="7,4" style="line-height: 1.15 !important;">. Market analysts observe that until international naval patrols can guarantee unimpeded, unescorted transit through global maritime chokepoints, oil benchmarks will remain anchored to an elevated geopolitical risk floor, leaving energy markets vulnerable to headline-driven price volatility</span><span data-path-to-node="7,5" class="" style="line-height: 1.15 !important;"><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><source-footnote _nghost-ng-c2563806301="" class="ng-star-inserted" style="line-height: 1.15 !important;"><sup _ngcontent-ng-c2563806301="" class="superscript" style="line-height: 1.15 !important; font-size: 16px !important; background-color: transparent !important;"><!----></sup></source-footnote><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----></span><span data-path-to-node="7,6" style="line-height: 1.15 !important;">.</span></p>
Oil Futures End Mixed as Traders Weigh Supply Recovery Against Shipping Risks
At the close of trading on the New York Mercantile Exchange (NYMEX), West Texas Intermediate (WTI) crude futures for prompt delivery settled slightly in the red, slipping 0.12% to finish at $76.51 per barrel. Across the Atlantic, global benchmark Brent crude futures on the ICE Futures Europe exchange in London moved in the opposite direction, gaining 0.66% to settle at $80.38 per barrel.
