Free Trial

Crude Extends Gains on Supply Risks and US Optimism

OIL

Crude extends gains with Brent testing the technical resistance at the 10 May of 77.60$/bbl and WTI key resistance at 73.81$/bbl. An improved risk sentiment and optimism for progress in US debt ceiling talks to avoid a default are combining with OPEC+ supply risks to support prices.

  • Comments from the Saudi Energy Minister Prince Abdulaziz bin Salman early today for oil speculators to watch out have added to upside risks with OPEC+ production intentions uncertain ahead of the ministerial meeting on 3-4 June.
  • The increased optimism from the US is supporting the WTI-Brent spread with WTI gaining faster.
    • Brent JUL 23 up 1.6% at 77.22$/bbl
    • WTI JUL 23 up 1.8% at 73.37$/bbl
    • WTI-Brent up 0.06$/bbl at -3.84$/bbl
    • Brent JUL 23-AUG 23 down -0.03$/bbl at 0.09$/bbl
    • Brent AUG 23-SEP 23 down -0.01$/bbl at 0.29$/bbl
    • Brent DEC 23-DEC 24 up 0.25$/bbl at 3.34$/bbl

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.