Overview

• Brent hovered near $67 and WTI around $63 as prices stayed rangebound despite choppy trading through the week.
• Ukraine intensified attacks on Russian energy assets, hitting refineries such as Salavat and Volgograd and contributing to Russian refining runs falling to about 4.98 million bpd.
• Russia’s Transneft limited crude storage options, adding logistical strain even as flows have not shown clear export curtailment.
• The U.S. Energy Information Administration reported a roughly 4 million barrel increase in distillate stocks, reinforcing concern about softer fuel demand.
• The International Energy Agency’s projection of a sizeable 2026 surplus and President Trump’s push for lower prices and reduced purchases of Russian crude kept a lid on any rally.