{"id":47613,"date":"2025-10-17T13:36:30","date_gmt":"2025-10-17T13:36:30","guid":{"rendered":"https:\/\/www.spragueenergy.com\/?p=47613"},"modified":"2025-10-17T13:37:03","modified_gmt":"2025-10-17T13:37:03","slug":"oil-prices-drop-as-putin-trump-talks-offset-early-market-gains","status":"publish","type":"post","link":"https:\/\/www.spragueenergy.com\/fr\/oil-prices-drop-as-putin-trump-talks-offset-early-market-gains\/","title":{"rendered":"Oil Prices Drop as Putin\u2013Trump Talks Offset Early Market Gains"},"content":{"rendered":"<p class=\"wp-block-paragraph\"><strong>Recap<\/strong>:&nbsp; The crude oil market ended the session lower as news of Russia\u2019s President Vladimir Putin agreeing to meet U.S. President Donald Trump to discuss ending the war in Ukraine offset the market\u2019s early gains on the news of a potential halt to India\u2019s Russian oil imports. On Wednesday, U.S. President Donald Trump said India\u2019s Prime Minister Narenda Modi pledged to stop buying oil from its main supplier, Russia. There were reports that some refiners were preparing to cut Russian oil imports, even though India\u2019s government did not confirm President Trump\u2019s claims. The crude market was well supported by the news and retraced some of Wednesday\u2019s losses, posting a high of $59.11. However, the market erased its gains and traded lower ahead of the release of the EIA\u2019s weekly petroleum inventory report following the API report late Wednesday that showed a large build in crude stocks of 7.4 million barrels for the week ending October 10<sup>th<\/sup>. The market later breached Tuesday\u2019s low of $57.68 and sold off to a low of $57.26 ahead of the close, in light of the EIA report showing a larger than expected build in crude stocks of 3.524 million barrels. The market was also pressured by the news of a meeting between President Trump and Russia\u2019s President Vladimir Putin to discuss the end of the war in Ukraine following a phone conversation. The November WTI contract ended the session down 81 cents at $57.46 and the December Brent contract settled down 85 cents at $61.06. The product markets also ended the session lower, with the heating oil market settling down 2.13 cents at $2.1535 and the RB market settling down 2.27 cents at $1.8117.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Technical Analysis<\/strong>:&nbsp; The oil market on Friday will likely retrace some of its losses as it weighs the possible halt in India\u2019s oil imports from Russia against the builds reported in oil stocks. The market will also look for further developments on the war in Ukraine, with a meeting between President Trump and Ukraine\u2019s President Volodymr Zelenskiy scheduled for Friday at the White House, following President Trump\u2019s phone conversation with Russia\u2019s President on Thursday, when they agreed to another summit to discuss ending the war in Ukraine. The crude market is seen finding support at $57.26, $56.91, $56.75, $56.67, $56.29, $56.07 and $55.30. Meanwhile, resistance is seen at $59.11, $59.42, $59.49, $59.82, $60.17, $60.45, $60.80, $61.67, $62.87 and $62.92.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Fundamental News<\/strong>:&nbsp;&nbsp; Kremlin spokesman Dmitry Peskov said that Russia relies on official public statements issued by New Delhi and Beijing regarding oil purchases after U.S. President Donald Trump said that India and China would stop buying Russian oil. India and China have not publicly confirmed President Trump&#8217;s assertion. Earlier, Russia\u2019s Deputy Prime Minister, Alexander Novak, said Russia is confident its energy partnership with India will continue.<strong><\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">U.S. Treasury Secretary, Scott Bessent, said that he told Japanese Finance Minister Katsunobu Kato that the Trump administration expects Japan to stop importing Russian energy.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">President Vladimir Putin said on Thursday that Russia will produce 510 million tons of oil in 2025, down 1% on the year. He said the volumes are in line with OPEC+ agreements which Russia continues to follow, fulfilling its obligations to balance the global oil market.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Britain targeted Russia&#8217;s two largest oil companies, Lukoil and Rosneft, and 44 shadow fleet tankers on Wednesday in what it described as a new bid to tighten energy sanctions and cut Russia\u2019s revenues that help sustain its war in Ukraine. Lukoil and Rosneft were designated under Britain&#8217;s Russia sanctions laws for what London described as their role in supporting the Russian government.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The Climate Prediction Center issued its seasonal forecast, calling for warmer than normal conditions, from California, the southern Great Basin, the southern Rockies, the Southwest eastward to Texas, the Southeast and to the coastal mid-Atlantic.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Early<\/strong><strong> Market Call &#8211; as of 9:00 AM EDT<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>WTI &#8211; Nov $57.50, up 8 cents<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>RBOB &#8211; Nov $1.8233, up 1.15 cents&nbsp; <\/strong><strong>HO &#8211; Nov $2.1499, down 41 points<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>","protected":false},"excerpt":{"rendered":"<p>Recap:&nbsp; The crude oil market ended the session lower as news of Russia\u2019s President Vladimir Putin agreeing to meet U.S. President Donald Trump to discuss ending the war in Ukraine [&hellip;]<\/p>\n","protected":false},"author":15,"featured_media":47401,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":true,"sfsi_plus_gutenberg_text_before_share":"","sfsi_plus_gutenberg_show_text_before_share":"","sfsi_plus_gutenberg_icon_type":"","sfsi_plus_gutenberg_icon_alignemt":"","sfsi_plus_gutenburg_max_per_row":"","footnotes":""},"categories":[1],"tags":[],"class_list":["post-47613","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-market-insights"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.6 (Yoast SEO v28.6) - 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