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Benchmarks Firming, But Still Down For The Week

OIL

Front month Brent tracks near $85.60/bbl, up modestly in the first part of Friday trade (+0.2%). This follows gains from Thursday's session, although at this stage Brent is still tracking lower for the week (-1.1%). For WTI we were last around $82.90/bbl, up 0.35% so far today and with a more modest loss in the past week compared to Brent.

  • Broader macro trends have aided oil benchmarks, with lower US yields/USD apparent in the aftermath of Thursday's CPI miss.
  • Brent prompt spreads are mostly pointing to a tighter market, while earlier data in the week showed US stockpiles continued to decline. Hurricane activity hasn't disrupted gulf coast activity as much as feared though.
  • Data today showed an easing in China crude import volumes for June, although we are still elevated from a levels standpoint.
  • For Brent, we remain above key EMAs (the 20-day near $85/bbl), while earlier July highs rest at $88/bbl.
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