WTI, Brent Post Steepest Annual Loss Since the Pandemic


   
Barani Krishnan
DTN Refined Fuels Market Reporter

   SECAUCUS, NJ (DTN) -- Oil futures concluded 2025 with a 19% annual loss, the 
steepest since the 2020 coronavirus outbreak.

   The front-month NYMEX WTI settled at $57.42 bbl below the $71.25 reported in 
the last day of last year. The ICE Brent contract for February closed at $60.85 
bbl versus the 2024 close of $74.64. The declines resulted in an average yearly 
loss of 19% for the two benchmarks, the steepest since their pandemic year drop 
of about 21%.

   In 2025, the average WTI futures contract price was $62.31 bbl, while the 
average ICE Brent futures contract price was $65.83 bb. This resulted in a 
spread of $3.50 -narrower than the $4.50 spread the prior year, but higher than 
the $2.80 recorded during the coronavirus pandemic in 2020.

   The downturn in crude markets came after OPEC prioritized market share over 
price, unwinding post-pandemic production cuts that added nearly 2.9 million 
bpd back into the global market. Record high U.S. production, at 13.9 million 
bpd, added to the glut.

   Supply risks, however, limited some of the downside in crude prices as 
Western sanctions were tightened on Russian barrels due to the Ukraine war and 
a U.S. naval blockade restricted the movement of Venezuelan oi




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