Oil prices retreat after climb in US crude stockpiles expected
“Prompt refinery margins are healthy, reversing the negative margin trends from previous month. There is strong demand for refineries to run hard, particularly as we head into the turnaround season in northwest Europe and Asia,” said June Goh, senior analyst at Sparta.
Reuters, February 12, 2025 – Oil prices declined after industry data revealed a 9.4 million barrel increase in U.S. crude stockpiles, with Brent futures dropping 0.7% to $76.48 a barrel and U.S. West Texas Intermediate (WTI) crude falling 0.5% to $72.78 a barrel. Despite the downturn, firmer refining margins, averaging $3 a barrel in Singapore, cushioned the losses. June Goh from Sparta Commodities emphasized that healthy refinery margins and strong demand, particularly ahead of the turnaround season in northwest Europe and Asia, are driving refineries to operate at high capacity. Stable U.S. CPI expectations and rising EIA crude production forecasts further shaped market sentiment.
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