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Crude Falling Towards Technical Support Levels on Demand Fears

OIL

Brent and WTI front month futures are holding just above technical support levels after extending the move lower today. Concerns for the impact of persistent inflation on US Fed policy and a potential US recession are weighing on demand growth expectations as the US looks to agree to a debt limit deal to prevent a default.

  • Uncertainty over China demand is also weighing on the market ahead of the updated manufacturing and non-manufacturing PMIs for May due out tomorrow.
  • Supply focus remains on the OPEC+ meeting at the weekend as some countries, such as Russia and Iraq, have suggested no changes to production targets are currently planned. The Saudi Arabi warning to market speculations last week provided some upside support.
  • Next technical support for Brent is at the 15 May low of 73.49$/bbl and WTI at 69.39$/bbl.
    • Brent JUL 23 down -4.1% at 73.89$/bbl
    • WTI JUL 23 down -3.9% at 69.8$/bbl
    • WTI-Brent down -0.09$/bbl at -4.1$/bbl
    • Brent JUL 23-AUG 23 down -0.11$/bbl at -0.14$/bbl
    • Brent DEC 23-DEC 24 down -0.47$/bbl at 2.71$/bbl
Energy BulletsCommodities
Energy BulletsCommodities

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