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Free AccessA Little Off Five Month Lows; Demand Worry In Focus
WTI and Brent are ~$0.20 firmer apiece, operating a little above their respective troughs established on Thursday. Both benchmarks are on track for a lower weekly close, weighed down in recent sessions by demand destruction worry amidst high energy prices and well-documented recession fears, offsetting moderating concerns re: disruptions to near-term crude supplies.
- To recap, WTI and Brent hit fresh six- and five-month lows respectively before closing >$2 weaker on Thursday, with crude now back at ranges observed before the Russian invasion of Ukraine.
- U.S. energy data this week has contributed to the bulk of debate re: demand destruction, with Cushing hub stocks reporting a build for a fifth straight week, while gasoline consumption remains below ‘20 levels even as the country eases out of “peak demand” season.
- Keeping within the country, EIA data has shown U.S. airline fuel consumption dipping below last year’s levels (on a seasonal basis) amidst reduced flying activity, with the industry reeling from labour woes and high fuel costs.
- Looking to supply concerns, RTRS source reports on Thursday pointed to Saudi Arabia and the UAE being prepared to make a “significant increase” in oil output during the winter months of ‘22 should a “severe supply crisis” arise. Estimates of OPEC’s spare capacity typically place it at >2mn bpd at present, concentrated in Saudi Arabia and the UAE.
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.