
Oil prices stayed flat this week, with Brent hovering between $69‑73 and closing just above $72.5 per barrel. Prompt‑month spreads and Brent Dated‑Forward‑Line moved into contango, indicating freight‑rate pressure on the market structure. U.S. crude inventories rebounded while Europe and Singapore saw sizable draws, pushing European stocks to low levels and boosting diesel prices amid Iran‑related concerns and EU bans on Russian diesel. Speculators remain heavily net‑long, creating a potential $10‑bbl downside risk if Iran sanctions ease.

Venezuelan heavy crude is reentering the unsanctioned global market for the first time in seven years after the United States assumed control of PDVSA. The bulk of the renewed shipments are expected to flow to the U.S. Gulf Coast, with...

The February 2026 Global Oil Data Deck reveals that the worldwide liquids market, still heavily oversupplied, finally tightened in December—the first such move in six months—signaling the end of the most oversupplied year since 2020. Production fell in December mainly...

The February 2026 North American Oil Data Deck reveals that petroleum liquids output hit a record 31.4 million barrels per day, driven by a surge in Canadian production that more than compensated for flat U.S. and Mexican output. Meanwhile, continental...

In this week’s Oil Context Weekly, the host reviews flat crude prices slipping below $68 a barrel after geopolitical chatter between the U.S. and Iran, while noting a modestly backwardated term structure with a "smiley‑faced" futures curve extending to 2027....