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Brent Can't Hold Above $80/bbl, But Still A Positive Start To The Week

OIL

Brent crude is starting the week on a firmer footing. We are up around 1% at this stage, tracking at $79.80/bbl (earlier highs were just above $80.50/bbl). This of course comes after late weakest towards the end of last week (-4.5% down through Thur/Fri trading). WTI is also 1% higher for the session, last trading just above $75/bbl.

  • Market sentiment has been buoyed by China's growth plans for next year, particularly around reviving consumption/domestic demand. The other positive cited is the rebuild of strategic petroleum reserves by the US government, following releases earlier this year.
  • Still, it remains to be seen if these factors can generate a sustained turnaround. Weaker US survey data from the Friday session last week has raised fears as we progress into 2023. Other indicators like prompt spreads also don't suggest near term tightness from a supply standpoint.
  • The focus in the London/EU time zone is likely to be the EU energy ministers meeting, which is aimed at agreeing to a gas price cap level.
Energy BulletsCommodities
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