Petroleum futures traded mostly flat by midday Thursday trading, as the market regained some of its footing after the previous day's volatile decline, with energy participants closely monitoring possible new developments of OPEC+ production policies and U.S. tariffs.

At noon ET, June NYMEX West Texas Intermediate crude futures were 15cts higher at $62.40/bbl and July WTI gained by a similar amount to around $61.80/bbl.

London-based June Brent inched up about 5cts to $66.15/bbl and July Brent climbed about 10cts to $65.30/bbl.

Most active June RBOB futures gained 0.5ct to $2.079/gal and the front-month May RBOB rose 0.3ct to $2.087/gal. June ULSD was 0.3ct higher at $2.0840/gal and May ULSD inched up 0.5ct to $2.1275/gal.

Financial markets have now digested the latest U.S. data showing existing home sales in March fell 5.9% year on year, as mounting economic uncertainty weighed heavily on the minds of home buyers.

On Wednesday, oil futures erased initial gains to finish more than $1 lower after Reuters reported that several OPEC+ members will suggest that the group accelerate oil output increases in June for a second consecutive month.

In refinery supply news, Valero said Thursday in its first-quarter 2025 earnings report that refining operations at its 149,000 b/d Benicia refinery in Northern California will "cease" by the end of April 2026. The Benicia facility represents around 9% of crude oil capacity for the state of California.

Valero's decision to close the Benicia plant comes a little more than six months after Phillips 66 said it would shutter its 147,000 b/d Los Angeles facility during Q4 2025.

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 Michael Kelly, mkelly@opisnet.com

(END) Dow Jones Newswires

April 24, 2025 12:39 ET (16:39 GMT)

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