A Shade Softer

WTI and Brent have given back $0.60 or so since settlement, with little in the way of meaningful headlines drivers apparent. Participants continue to try and assess the post-U.S. election dynamic in DC with Biden well and truly in the driving seat and the clear favourite to take the White House, although the situation in the Senate muddies matters surrounding policy initiatives, which is key, given Biden's stance surrounding shale/fossil fuels.

• The rally in equity markets provided some support to the space on Wednesday, after some initial choppy price action as the momentum surrounding the early declaring states in the U.S. election process swung around.
• There has been little in the way of meaningful idiosyncratic headline flow for the space over the last 24 hours or so, with the weekly DoE inventory data confirming the sizable headline draw witnessed in the API estimate.