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Broader Risk Off Outweighs Tight Supply Conditions

OIL

Oil is tracking lower in the first part of Tuesday trade. The Brent benchmark sits near $92.80/bbl. This is -0.45% down for the session so far, following Monday's flat outcome. WTI was last near $89.30//bbl, off a by a similar amount to Brent and follows a -0.40% fall in Monday trade.

  • Broader risk appetite weakness, amid the further move higher in US yields (10yr last 4.55%, highs just above 4.56%) is weighing, with the USD firmer nearly across the board, and regional equity markets under pressure.
  • These broader macro developments are outweighing further signs of tight supply. WTI prompt spreads have surged in recent dealings. Focus will be on the API report on stockpiles later today in the US, followed by the EIA report on Wednesday.
  • For Brent, recent lows rest between the $92.00-$92.50/bbl region. The 20-day EMA rests back near ~$91.36/bbl. On the topside, recent rallies above $94/bbl have not been sustained.
Energy BulletsCommodities
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