DTN Oil Update

Oil Crude Futures Rose, Amid Supply Tightness Concerns

HOUSTON (DTN) -- Oil futures settled higher on Tuesday due to a temporary supply disruption in the Middle East caused by the closure of two main ports in Libya.

The March NYMEX WTI futures contract for March delivery rose by $0.66 to $74.10 bbl, while the front-month ICE Brent futures contract rose by $0.90 to $77.98 bbl.

According to media reports, protests at Libyan ports Es Sider and Ras Lanuf on some oil fields affected oil loadings temporarily, Libya is part of the OPEC and one of the largest producers of crude.

The news of supply tightness constrains gave a boost to the oil futures markets Tuesday, as they have been bearish since U.S. President Donal Trump took office for a second term.

Downstream, February RBOB futures contract rose by $0.0227 to $2.4817 gallon but the ULSD futures contract for February delivery was under downward pressure due to sluggish demand and fell by $0.0075 to $2.4525 gallon.

The national average for retail regular gasoline eased off to a 13-week high, down 0.6cts to $3.103 gallon as of Monday, Jan. 27, 0.8cts more than the corresponding week in 2024, according to data released by the Energy Information Administration.

EIA reported that the East Coast PADD 1 price held higher, up 0.7cts to a 19-week high $3.076 gallon while the Gulf Coast PADD 3 added 0.5cts to a 14-week high $2.696 gallon.

Separately, the U.S. average on-highway diesel fuel price dropped from a 24-week high, sliding 5.6cts to $3.659 gallon as of Monday, EIA data showed.

The price, which fell for the first time in five weeks, was 20.8cts lower than the same week of 2024. Prices fell across the major PADDs, with losses ranging from 1.5cts to 8.0cts on the week, EIA said.

Separately, the U.S. Dollar Index rose by 0.53% to 107.685 against a basket of foreign currencies, on expectations of a cascade of trade tariffs the Trump administration plans to impose on several countries this year.

Maria Eugenia Garcia can be reached at Maria.Garcia@dtn.com