Consolidates After Thursday Losses, Still Up Strongly For The Past Week, Month & Quarter

WTI has largely tracked sideways near NY closing levels from Thursday in the first part of Friday trade. We did pop above $92/bbl briefly, but it wasn't sustained. The benchmark last tracked near $91.80/bbl (we closed on Thursday at $91.71/bbl). This still leaves us still nearly +2% firmer for the week, +9.76% for September and nearly 30% higher for the quarter. For Brent, we track above $95/bbl, following a similar trajectory to WTI. The benchmark has posted similarly impressive gains over the past quarter.

• Thursday's pull back has largely been described as technical in nature, given overbought readings on the RSI for example.
• Still, there is some speculation that with oils sharp rise in recent months we may start to see OPEC+ ease supply constraints. Until this/if it eventuates though, Q4 is likely to be exhibited by tight supply constraints.
• For Brent, the 20-dauy EMA sits back near $92.55/bbl. Recent highs rest at $97.69/bbl.
• Note we get official PMIs for September in China tomorrow. This will provide an update on the economic backdrop, as optimism over travel related oil demand firmed ahead of the Golden Week holiday period.