Nymex Overview: Crude and ULSD Futures Rise on Iran Concerns, US Cold Snap -- OPIS

Dow Jones01-24 01:48

NYMEX futures pushed higher into midday trade Friday, extending gains for the week amid geopolitical and weather-driven supply risks.

As of 11:35 a.m. ET, crude futures were trading higher, with the March West

Texas Intermediate contract up $1.64 at $61/bbl and April up $1.59 at $60.76/bbl. The March ICE Brent crude contract was trading $1.75 higher at $65.81, with the April contract up $1.67 at $65.01.

Prices firmed after President Trump renewed warnings toward Iran, with U.S. naval movements in the region heightening concerns over potential disruptions to one of China's key crude suppliers. Additional support came from ongoing unplanned outages at Kazakhstan's Tengiz field, where production has yet to resume following a fire, keeping barrels offline at one of the world's largest oil facilities.

Cold weather across the U.S. Northeast supported refined products, as widespread natural gas curtailments and critical-day balancing measures were announced by multiple utilities. Several interruptions were issued on an "until further notice" basis, increasing the likelihood of fuel-switching to distillates and other backup fuels. Temperatures across much of the U.S., including the Plains, Midwest and Gulf Coast, remain well below normal, supporting elevated heating demand and keeping distillate consumption and ULSD pricing in focus.

The February ULSD contract was up 7.26cts midday at $2.4394/gal, while the March contract traded 5.64cts higher at $2.3549/gal. RBOB followed suit, with the February contract up 3.57cts at $1.8529/gal and the March contract up 3.38cts at $1.8725/gal.

All futures were positioned for weekly gains, with WTI on track to finish above the $60/bbl threshold after a dip Thursday.

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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 Allegra Fradkin, afradkin@opisnet.com; Editing by Michael Kelly, mkelly@opisnet.com

(END) Dow Jones Newswires

January 23, 2026 12:48 ET (17:48 GMT)

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Nymex Overview: Crude and ULSD Futures Rise on Iran Concerns, US Cold Snap -- OPIS

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