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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.
Energy BulletsCommodities
Energy BulletsCommodities

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