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Crude Around 10% Higher In September Increasing Inflation Concerns

OIL
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Oil prices rose again on Monday reaching new highs for the year as supply fundamentals remain tight even though the Saudi oil minister said that the “jury is still out” on the China demand outlook. The USD index weakened 0.2%.

  • WTI rose 1.6% to close at $92.25/bbl but has started the APAC session slightly higher at $92.32. It is now up over 10% this month, which is likely to cause inflation concerns. It reached a new 2023 high on Tuesday rising to $92.43. It did fall to $90.75 on a long-term demand downgrade from Saudi Aramco.
  • Brent rose 0.8% to $94.68. It tested $95 but couldn’t break it rising to a high of $94.95, which was a new 2023 peak. The intraday low was at $93.79.
  • Financial measures are showing that the market is tight and probably overbought increasing the risk of a sell off. According to Bloomberg, there is higher demand for bullish call options and timespreads continue to widen.
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Oil prices rose again on Monday reaching new highs for the year as supply fundamentals remain tight even though the Saudi oil minister said that the “jury is still out” on the China demand outlook. The USD index weakened 0.2%.

  • WTI rose 1.6% to close at $92.25/bbl but has started the APAC session slightly higher at $92.32. It is now up over 10% this month, which is likely to cause inflation concerns. It reached a new 2023 high on Tuesday rising to $92.43. It did fall to $90.75 on a long-term demand downgrade from Saudi Aramco.
  • Brent rose 0.8% to $94.68. It tested $95 but couldn’t break it rising to a high of $94.95, which was a new 2023 peak. The intraday low was at $93.79.
  • Financial measures are showing that the market is tight and probably overbought increasing the risk of a sell off. According to Bloomberg, there is higher demand for bullish call options and timespreads continue to widen.