Crude oil and gasoline prices are up today, with crude reaching a 1-week high. The decline in the dollar index to a 2-week low is bullish for energy prices. Reduced Russian crude exports due to Ukrainian attacks and geopolitical risks in Venezuela are boosting oil prices. Venezuela is the 12th-largest oil producer.

Crude oil rallied after Ukrainian attacks damaged a Russian Baltic Sea oil terminal, forcing its closure. The Caspian Pipeline Consortium, carrying 1.6 million bpd of Kazakhstan’s crude exports, was also forced to close due to damages. OPEC+ announced plans to pause production increases during Q1 of 2026, providing further support to crude prices.

Reduced Russian crude exports are supporting crude prices, with Vortexa data showing a significant decrease in oil product shipments from Russia. Ukrainian attacks on Russian refineries have led to a fuel crunch in Russia, limiting its crude export capabilities. Crude oil stored on tankers stationary for over 7 days has risen to the highest level in almost 2.5 years.

OPEC revised its Q3 global oil market estimates from a deficit to a surplus, citing increased US production and higher OPEC crude output. The EIA raised its 2025 US crude production estimate. OPEC+ announced plans to pause production hikes in Q1-2026 due to an expected global oil surplus. US crude oil inventories are below seasonal averages, with production slightly decreasing.

The number of active US oil rigs fell to a 4-year low, signaling a significant decrease over the past 2.5 years. Rich Asplund did not have any positions in the securities mentioned in the article. The information provided is solely for informational purposes.

Read more at Yahoo Finance: Crude Prices Rally on Dollar Weakness and Reduced Russian Oil Exports