NYMEX Overview: Petroleum Futures Up on Ukraine Attacks, OPEC+ Output Plan — OPIS

Oil and refined product futures were trading higher at midday Monday on new Ukrainian attacks against Russia's energy infrastructure and Sunday's decision by OPEC and allied producers to keep current production levels in place through the first quarter of next year.

The NYMEX January West Texas Intermediate contract was up 60cts to $59.20/bbl at about noon ET and the February WTI contract was 65cts higher at $58.95/bbl.

The ICE Brent crude contract was up 60cts to about $63/bbl and March Brent also was 60cts higher at $62.60/bbl.

Refined product contracts followed gains in crude futures. The NYMEX January RBOB contract was trading 4.05cts higher at $1.862/gal and February RBOB was up 4cts to $1.8585/gal. The NYMEX January ULSD contract was 2.9cts higher at $2.3325/gal, while the February contract was up 3.4cts to $2.303/gal.

A major oil terminal near Russia's southern port of Novorossiysk halted operations early Saturday after a naval drone attack was launched against the facility. The Caspian Pipeline Consortium, which owns the terminal and a key oil supply route from Kazakhstan to Europe, said it would not resume operations until the threat of drone attacks ended.

Further, unease over oil supply related to the escalation of tensions between the U.S. and Venezuela increased the risk premium for crude oil futures.

The eight OPEC+ member countries on Sunday agreed to keep oil output unchanged over the first quarter of next year. The group also approved a mechanism to assess the maximum sustainable production capacity of its members, a move that some analysts said could increase tensions between members.

In U.S. cash refined product markets, Pacific Northwest sub-octane gasoline prices were off by more than 20cts Monday after the BP-operated Olympic Pipeline returned to full operations over the weekend.

This content was created by Oil Price Information Service, which is operated by Dow Jones & Co. OPIS is run independently from Dow Jones Newswires and The Wall Street Journal.

   --Reporting by Frank Tang, ftang@opisnet.com; Editing by Jeff Barber,   jbarber@opisnet.com 
 

(END) Dow Jones Newswires

December 01, 2025 12:47 ET (17:47 GMT)