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Crude oil prices lost their shine despite supply concerns. It hit a low of $68.74 and currently trading around $69.22.
EIA Reports Unexpected Crude Oil Inventory Drawdown
The U.S. Energy Information Administration (EIA) reported a crude oil inventories drawdown of 2.3 million barrels to 430.16 million barrels for the week ended February 21, 2025, below the forecasted 2.6 million barrel increase by experts. Crude oil inventories at delivery point Cushing, Oklahoma, rose by 1.28 million barrels. Refinery utilization of crude oil processing capacity increased by 1.6 percentage points to 86.5%, and the processing capacity gain was 317,000 barrels per day. Gasoline inventories increased by 369,000 barrels to 248.27 million barrels, which defied anticipated decreases.Distillate oil inventories, diesel and heating oil, rose by 3.9 million barrels to 120.47 million barrels, above anticipated market drawdown. The U.S. crude net import volume also gained by 292,000 barrels per day during the report week.
Trump Tightens the Screws on Venezuelan Oil
Trump revoked Chevron's license to export Venezuelan oil, reversing Biden's concession due to fears of democracy. This will damage Venezuela badly, potentially reducing oil exports by over 25% and worsening economic hardship.
This move restores stricter U.S. sanctions on Venezuela's oil sector, a departure from the Chevron exception. Trump's "maximum pressure" policy aims to influence Venezuela's politics through economic pressure.
The cutoff would also close down tight heavy crude markets and hurt U.S. refineries that use Venezuelan crude. Supply balances and oil prices around the world may even alter due to the central place that Venezuela plays in the market for heavy crude.
Price Resistance and Support Levels
The near-term resistance is around $70; any breach above this level could push prices higher to $70.60/$71.26/$72.11/$72.85/$73.06/$74.32/$75. On the downside, immediate support is at $68.70 violation below targets of $68/$65.50.
It is good to sell on rallies around $70.60-62 with a stop-loss of around $72.11 and a target price of $66.
