Free Trial

Crude Continues Decline

OIL

Crude has sunk to further lows on the day, remaining at lows last seen on Jan. 3, driven by bearish views on demand.

  • WTI FEB 24 down -4.6% at 70.39$/bbl
  • WTI FEB 24-MAR 24 down -0.1$/bbl at -0.15$/bbl
  • A cut in Saudi’s OSPs, robust non-OPEC supplies, and a fall in fund net-long positions all point to a bearish market.
  • WTI has traded between $70.20/b and $73.93/b during the day. WTI remains above its support level of $69.28/b.
  • Saudi Aramco cut the OSP for Arab Light to Asia for February by $2/bbl on the month to $1.50/bbl over Oman/Dubai quotes. Aramco also cut prices for its other crude grades to Asia by $2/bbl.
  • Red Sea transit numbers are about 15% lower than on average in 2023 but overall, the majority of vessels are still passing through the Red Sea according to Vortexa last week.

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.