Oil Prices Rise Ahead of Iran Talks, U.S. Inventory Report


   
Barani Krishnan
DTN Refined Fuels Market Reporter

   SECAUCUS, NJ (DTN) -- Oil and product futures were mostly higher Wednesday 
(2/25) as both Iran and the U.S. indicated they would make little concession in 
talks over the White House's attempt to shut down Tehran's nuclear program.

   The upside in crude prices was, however, limited by concerns over what the 
U.S. Energy Information Administration would report for last week's oil 
inventory balances in its regular weekly update due at 10:30 a.m. ET today.

   The American Petroleum Institute (API) cited on Tuesday (2/24) a 11.4 
million bbl build in crude during the week ended February 20, while saying 
gasoline balances declined by 1.53 million bbl and distillates supply fell by 
2.77 million bbl.

   On the geopolitical front, traders were closely monitoring the potential 
outcome of U.S.-Iran talks scheduled in Geneva on Thursday (2/26).

   U.S. President Donald Trump said in a State of the Union address in 
Washington on Tuesday that he would not allow Iran, a country he described as 
the world's biggest sponsor of terrorism, to have a nuclear weapon.

   Iranian Foreign Minister Abbas Araqchi posted on the X social media site 
that a deal was within reach, but only if diplomacy was given priority. "We 
have proven that we will stop at nothing to guard our sovereignty with 
courage," he added.

   NYMEX WTI for April delivery rose by $0.48 to $66.11 bbl, while the 
front-month ICE Brent futures contract advanced by $0.56 to $71.33 bbl.

   Downstream, RBOB futures for March climbed $0.0288 to $2.0002. ULSD futures 
bucked the trend, with the front-month contract sliding by $0.0184 to $2.6685 
gallon.

   The U.S. Dollar Index edged up 0.03 points to 97.80 against a basket of 
currencies.

    

    




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