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Holding Up

OIL

Brent crude dips sub $122/bbl are still being supported for now. Tight supply and firm demand out of Asia are being cited as supportive factors.

  • Libyan supply is being curtailed by on-going domestic political turmoil. Daily output is reportedly down to 100k barrels per day, compared to 1.2mln last year.
  • S&P Global Vice Chairman Daniel Yergin stated that the oil market could withstand a recessionary hit, describing the supply situation as razor thin.
  • Fears around a delayed China rebound have yet to dent sentiment, with Covid cases delaying the re-opening of schools and restaurants (for in-person dining) in Beijing and Shanghai.
  • Demand from Asian countries for August oil delivery reportedly remains strong though, which is providing some offset from a sentiment point of view to the China headwinds.
  • US President Biden will visit Saudi Arabia on July 15th and 16th. No doubt oil prices will form part of the discussion, with the US side pushing for relief as quickly as possible.
Energy BulletsCommodities
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