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Crude Down Slightly, Attacks On Shipping Continue

OIL

Oil is off the day’s lows to be only slightly lower during APAC trading. Brent is down only 0.1% to $85.20/bbl after a low of $84.71 despite softer risk appetite. WTI is also 0.1% lower at $80.65/bbl following a fall to $80.23. The USD index is flat.

  • Oil fell on Friday after it flashed overbought according to the relative strength index. Market participants remain bullish though with net longs in Brent rising 68k last week, the most since 2011, according to data from ICE Futures Europe and Bloomberg. The market is expected to tighten over Q3 and prompt spreads are consistent with this.
  • A ship was struck by Houthi drones off the coast of Yemen on Sunday. According to the UK Navy, the ship had to be abandoned. Today the US reported another vessel had been damaged in the area. Threats to shipping persist and are pushing costs higher.
  • Later the Fed’s Waller, Goolsbee and Daly appear as well as the ECB’s Buch, Schnabel and BoC’s Macklem. The Dallas Fed June index and German Ifo for June print.
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