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Free AccessBenchmarks Pare Recent Gains, But Q3 Set To Be Best Quarterly Gain Since Q1 2022
Oil prices pulled back on Thursday. Late in the Asia Pac session on Thursday Brent was near $97.50/bbl, but steadily lost ground from there, falling under $95/bbl in NY trade. We closed near $95.40/bbl, a loss of 1.21%, the first dip for this week. WTI fell from above $95/bbl to sub $92/bbl, which is where we currently track.
- Some focus was on overbought conditions from a technical standpoint. Brent's 14 day RSI has been in overbought territory for a good part of September.
- Also noteworthy, Saudi Arabia supplied surprisingly high crude volumes to their buyers in the month of August, drawing down seaborne inventories (floating storage and in-transit volumes) by 1.5mbd on average.
- Still, oil benchmarks remain comfortably higher for September. Brent is also tracking +27.3% higher for Q3, the best quarterly gain since Q1 last year.
- The Biden Administration is set to announce the smallest ever offshore oil rights sale plan (see this link for more details).
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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.