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Both Brent & WTI Show at New Cycle Highs

  • Major crude oil benchmarks - most notably Brent and WTI crude futures - are showing at new YTD and cycle highs in recent trade, with escalated rhetoric between Russia and the West boosting prices further.
  • Moves follow the US Embassy in Ukraine formally recommending that all US citizens inside Ukraine consider departing from the country, with focus turning to a press conference from Secretary of State Blinken at 1200ET/1700GMT due to address the tensions.
  • Strength across WTI and Brent comes despite the much larger than expected build for headline crude stockpiles in the weekly DoE data (+2.4mln bbls vs. Exp. +166k), with traders instead focusing in on the larger draw than forecast across distillates inventories (-2.8mln vs. Exp. -1.5mln).
  • Front-month WTI futures have now cleared resistance at $87.47 (2.00 proj of the Dec 2 - 9 - 20 price swing) and are now nearing the next psychological level at $90/bbl.

MNI London Bureau | +44 203-865-3809 |
MNI London Bureau | +44 203-865-3809 |

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