Trump says Putin meeting 'very productive' but no deal reached

[Data analyzing in commodities energy market: the charts and quotes on display. US WTI crude oil price analysis. Stunning price drop for the last 20 years.]
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President Trump said Friday his meeting with Russia's President Putin made "great progress," but no agreement was reached to resolve the war in Ukraine.

"There were many, many points that we agreed on," but "there's no deal until there's a deal," Trump said, as he and Putin each spoke for a few minutes to reporters and took no questions.

The brief press conference followed a more than two-and-a-half hour meeting, after Trump previously had warned of unspecified "severe consequences" if Putin did not agree to a ceasefire, and that he would "walk away" if the talks did not go well.

Trump provided no details on what issues had been discussed, and said he would call European leaders and Ukrainian President Zelensky later to update them; he said a second meeting with Putin could occur in Moscow later, but no commitment was made.

The oil market was in a wait-and-see mode ahead of the meeting; the WTI and Brent benchmarks both finished lower on Friday and for the week.

Analysts have warned that crude prices could plunge if Western sanctions on Russian energy products like crude oil were lifted or softened, flooding the market with more supply, while sanctions could be escalated if the Trump-Putin meeeting turned sour, potentially leading to a sharp rally in oil.

Most traders viewed the meeting as preliminary, BOK Financial's Dennis Kissler said in a note, "with no real results coming forth today which means Russian petroleum exports will continue."

While a ceasefire would be a near-term negative for oil, the possibility of Trump threatening more tariff pressure against buyers of Russian oil in the event of a stalemate has been "keeping a nervous trade to crude," Kissler wrote.

This week, front-month Nymex crude (CL1:COM [https://seekingalpha.com/symbol/CL1:COM]) for September delivery closed -1.7% to $62.80/bbl and front-month Brent crude (CO1:COM [https://seekingalpha.com/symbol/CO1:COM]) for October delivery ended -1.1% to $65.85/bbl; on Friday, WTI fell 1.8% and Brent slid 1.5%.

Front-month Nymex September natural gas finished -2.5% for the week to $2.916/MMBtu; on. Friday, Nymex natgas increased 2.6%.

ETFs: (NYSEARCA:USO [https://seekingalpha.com/symbol/USO]), (BNO [https://seekingalpha.com/symbol/BNO]), (NYSEARCA:UCO [https://seekingalpha.com/symbol/UCO]), (SCO [https://seekingalpha.com/symbol/SCO]), (USL [https://seekingalpha.com/symbol/USL]), (DBO [https://seekingalpha.com/symbol/DBO]), (DRIP [https://seekingalpha.com/symbol/DRIP]), (GUSH [https://seekingalpha.com/symbol/GUSH]), (USOI [https://seekingalpha.com/symbol/USOI]), (UNG [https://seekingalpha.com/symbol/UNG]), (BOIL [https://seekingalpha.com/symbol/BOIL]), (KOLD [https://seekingalpha.com/symbol/KOLD]), (UNL [https://seekingalpha.com/symbol/UNL]), (FCG [https://seekingalpha.com/symbol/FCG]), (NYSEARCA:XLE [https://seekingalpha.com/symbol/XLE])

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