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Crude Holding Gains

OIL

Crude is holding most of its gains following a rally driven by boosted demand forecasts, larger US stock draws, and widening geopolitical risks.

  • WTI FEB 24 up 2% at 73.99$/bbl
  • WTI FEB 24-MAR 24 up 0.09$/bbl at 0.17$/bbl
  • WTI is down from its intraday high of $74.31/d.
  • Crude stocks showed an unexpected draw (-2,492 vs Exp -426) driven by a surge in exports back above 5mb/d and despite a large increase in exports and production back up at a record 13.3mb/d.
  • The global oil demand growth forecast for 2024 has been revised higher by 180kbpd to 1.2mbpd to reach almost 103mbpd, according to the IEA Monthly Oil Market Report.
  • Aside from the continued disruption in the Red Sea, risks involving wider conflict with Iran have been heightened by Pakistani strikes within the country.
  • Pakistan struck supposed 'terrorist hideouts' in Iran's Sistan-Baluchestan province. The strikes killed at least nine and came a day after Iran launched its own missile and drone strikes within Pakistan.
Energy BulletsCommodities
Energy BulletsCommodities

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