Oil Wrap: WTI Eases as Brazil’s Petrobras Rises on Búzios
Key Facts
- —WTI proxy slips. The USO fund tracking WTI crude settled at US$129.70, down 0.24% on Friday, August 28, 2026.
- —Petrobras outperforms. Petrobras shares rose +1.53% to US$18.53 as two new Búzios platforms neared deployment in Brazil’s pre-salt.
- —YPF softens. YPF fell -0.55% to US$50.20 even as its US$51 billion Argentina LNG project with Eni and XRG advanced.
- —Ecopetrol dips. Ecopetrol settled at US$16.50, down -0.36%, tracking the broader crude pullback.
- —Hormuz freight spikes. Supertanker earnings on the Saudi Arabia-to-China route hit a record US$647,000 per day, more than ten times the year-ago rate.
- —Rig count holds. The US oil rig count fell by 5 to 447 while the total oil and gas rig count stayed at 588, Baker Hughes reported.
Today’s Focus
Crude eased again on Friday, August 28, 2026, with the USO fund that tracks WTI settling at US$129.70, down 0.24%. The move came after two sessions of gains as diplomacy around the Strait of Hormuz pointed to easier shipping conditions for oil, even as LNG flows remained blocked.
Petrobras bucked the trend, rising +1.53% to US$18.53 after reports that two new Búzios platforms were nearing deployment in the pre-salt deepwater area, with 450,000 barrels per day of combined capacity. YPF fell -0.55% to US$50.20 despite progress on its US$51 billion Argentina LNG project with Eni and XRG.
Guyana remains the region’s fastest-growing producer with output near 900,000 barrels per day, while Pemex stays under pressure from high debt and falling conventional output. Venezuela is weighing whether to leave OPEC, a move Washington appears willing to facilitate.
What matters today. Diplomatic progress on the Strait of Hormuz is easing crude, but Latin American producers are moving on company-specific catalysts such as pre-salt capacity and LNG project milestones.
01 The session in one read
WTI crude eased again on Friday, August 28, 2026, snapping a two-day rebound as investors priced in a calmer outlook for Gulf oil shipping. The USO fund tracking WTI settled at US$129.70, down 0.24%, while Brent settled at US$89.18 a barrel, down 0.6%.
The market largely shrugged off Washington’s announcement of the so-called toughest sanctions in history against Iran, with USO still losing modest ground. Ukraine meanwhile struck the Slavneft-YANOS refinery in Yaroslavl, Russia, sparking a fire at the facility and extending the drone campaign against Russian refining capacity.
The divergence between oil and LNG shipping access helps explain why crude eased while gas markets stayed tight.
The record US$647,000 per day supertanker rate on the Saudi Arabia-to-China route shows physical oil is still moving, but at a steep premium that keeps a floor under global crude even as futures ease. For Latin America, the divergence is stark: Petrobras gains on pre-salt supply, YPF on LNG ambitions, while Pemex and Venezuela remain hostage to financing and geopolitical choices.
Watch whether Hormuz diplomacy translates into lower tanker rates and whether OPEC membership questions from Caracas trigger any quota realignment.
02 The board
Petrobras stood out with a +1.53% gain to US$18.53, the only advancer among the four tracked Latin American oil proxies on Friday, August 28, 2026. Two new Búzios platforms, P-80 and P-82, nearing sailaway for the pre-salt deepwater area drove the move.
Together they are rated at 450,000 barrels per day, due on stream from 2027.
Ecopetrol slipped -0.36% to US$16.50 and YPF fell -0.55% to US$50.20, with both tracking the broader crude pullback. YPF’s decline came despite continued progress on its US$51 billion Argentina LNG project with Eni and XRG and strength in Vaca Muerta shale output.
| Asset | Level | Change |
|---|---|---|
| WTI crude (USO) | US$129.70 | -0.24% |
| Petrobras | US$18.53 | +1.53% |
| Ecopetrol | US$16.50 | -0.36% |
| YPF | US$50.20 | -0.55% |
Source: RT close, 2026-08-28. Where a commodity has no spot feed, an exchange-traded tracker or leading producer is shown as a labelled proxy.
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Latin America — Cross-Market Board
| Instrument | Last | Change | YoY | Prev. | High | Low | Volume |
|---|---|---|---|---|---|---|---|
| IBOV | 175,664.62 | +0.30% | +21.85% | 175,135.41 | 168,310 | 167,142 | — |
| IPSA | 11,445.90 | -0.22% | — | 11,470.79 | 11,210 | 10,984 | 1,513,213,483 |
| IPC MEX | 65,561.46 | -0.41% | +12.17% | 65,829.98 | 66,121 | 65,405 | 108,886,187 |
| MERVAL | 2,979,472 | -0.72% | +30.51% | 3,022,485 | 3,042,365 | 2,991,150 | — |
| COLCAP | 2,457.87 | -1.28% | — | 9.04 | 9.05 | 9.02 | 4,133 |
| BVL PERÚ | 60,779.49 | -1.40% | — | — | — | — | — |
| USD/BRL | 5.16 | +0.01% | -5.13% | 5.16 | 5.18 | 5.14 | — |
| EUR/BRL | 5.95 | +1.01% | -5.83% | 5.89 | 5.98 | 5.94 | — |
| USD/MXN | 17.06 | -0.24% | -8.58% | 17.10 | 17.08 | 17.01 | — |
| USD/CLP | 913.98 | +0.04% | -5.67% | 913.65 | 915.11 | 906.68 | — |
| USD/COP | 3,140 | +0.03% | -22.04% | 3,139 | 3,141 | 3,105 | — |
| USD/PEN | 3.36 | -0.66% | -4.82% | 3.38 | 3.38 | 3.35 | — |
| USD/ARS | 1,493 | +0.10% | +12.96% | 1,491 | 1,494 | 1,480 | — |
| USD/UYU | 40.27 | +1.24% | +1.80% | 39.77 | 40.27 | 40.23 | — |
| USD/PYG | 5,939 | +1.68% | -19.54% | 5,841 | 5,939 | 5,925 | — |
| USD/BOB | 11.64 | -0.76% | +72.04% | 11.73 | 11.72 | 11.64 | — |
| USD/DOP | 58.34 | +1.25% | -3.44% | 57.62 | 58.34 | 58.04 | — |
| USD/CRC | 445.92 | +0.89% | -9.71% | 441.97 | 448.50 | 445.92 | — |
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03 What moved it
The dominant driver was the easing of Strait of Hormuz shipping concerns as diplomacy pointed to a freer flow of oil tankers, which helped pull crude lower on the day. Record supertanker earnings of US$647,000 per day on the Saudi Arabia-to-China route still showed enormous physical tightness, but futures markets focused on the prospect of normalisation.
The US oil rig count fell by 5 to 447 in the week, while total oil and gas rigs held at 588, Baker Hughes data showed. Russia’s refining woes deepened after the Ukrainian drone strike on the Yaroslavl plant, threatening domestic fuel supply in a market already strained by export disruptions.
Caracas added a geopolitical wrinkle: Venezuela is weighing whether to leave OPEC, the group it helped found, with Washington reportedly willing to hold open the door. For now, the news had little price impact on the broader complex, but it could reshape quota politics if pursued.
04 The Latin American read
Brazil’s pre-salt remains the region’s most reliable growth story, with the two Búzios platforms adding 450,000 barrels per day of combined capacity in the deepwater. Petrobras shares responded with a +1.53% gain even as global crude declined, showing investors reward company-specific supply news.
Guyana stays the standout among new producers, with output near 900,000 barrels per day and a growing role in the regional export map. Mexico’s Pemex remains the laggard, pressured by high debt and falling conventional output, while Argentina’s YPF leans on Vaca Muerta shale strength to underpin its LNG ambitions.
05 The names to watch
Petrobras is the clearest near-term catalyst story in the region, with the Búzios platform deployments potentially lifting output and freeing cash flow. The two units, P-80 and P-82, are rated at 225,000 barrels per day each and are nearing sailaway from Seatrium’s Singapore yard.
Petrobras is targeting first oil from P-80 in the first quarter of 2027, so the 450,000 barrels per day of combined capacity is a 2027 story rather than a near-term output lift.
YPF’s US$51 billion Argentina LNG project with Eni and XRG is the longer-dated prize, but stock moves suggest the market still weighs project risk against Vaca Muerta’s proven shale performance. Ecopetrol remains tied to global crude direction, with little company-specific news to offset Friday’s -0.36% slip.
06 The outlook
The coming week hinges on whether the Strait of Hormuz diplomacy actually shifts physical oil flows and drags tanker rates lower from their record US$647,000 per day. If freight costs ease materially, crude benchmarks including WTI and Brent could extend Friday’s decline, tightening the squeeze on Latin American producers with weaker balance sheets.
Venezuela’s potential OPEC exit adds supply-policy uncertainty that could reshape export expectations for the group and its members. For Brazil and Guyana, the regional supply side looks robust enough to keep them in focus for global investors seeking growth outside the Gulf.
07 What to watch
- Strait of Hormuz flows: Whether easier oil transit translates into lower tanker rates from US$647,000 per day and further crude declines.
- Búzios platform startups: Confirmation on deployment timelines for the two pre-salt platforms and their path to 450,000 barrels per day.
- Venezuela OPEC exit: Whether Caracas follows through on leaving the group and how Washington frames any financial oversight.
- YPF LNG milestones: Progress on the US$51 billion Argentina LNG project with Eni and XRG and Vaca Muerta output support.
Frequently Asked Questions
Why did Petrobras rise while crude fell?
Petrobras gained on company-specific news that two new Búzios platforms are nearing deployment in Brazil’s pre-salt, adding 450,000 barrels per day of combined capacity.
What is USO and why does it track WTI?
USO is an exchange-traded fund that holds WTI crude futures, acting as a proxy for the US benchmark price. It settled at US$129.70 on Friday, down 0.24%.
Why are tanker rates so high?
Supertanker earnings on the Saudi Arabia-to-China route hit a record US$647,000 per day as war risk in the Gulf and partial blockages at the Strait of Hormuz kept freight costs elevated.
Is Pemex still a problem for Mexico?
Yes. Pemex faces high debt and falling conventional output, leaving Mexico lagging in the region’s new supply map even as Brazil and Guyana expand.
Market data: RT
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