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Crude Little Changed Today Despite Geopolitical Events

OIL
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Oil prices are slightly higher during APAC trading today as the risk tone remains favourable. Brent is up 0.2% to $84.12/bbl after a high of $84.30. WTI is 0.1% higher at $79.65/bbl after reaching $79.83. Supply risks remain the focus with instability in Russia/Ukraine and the Middle East. The USD index is slightly lower.

  • The crash site of Iran’s President Raisi’s helicopter has been found and he and the foreign minister were killed. There is concern that his death could leave a power vacuum and destabilise the world’s third largest oil producer, but Ayatollah Ali Khamenei said that there “won’t be any disruption to the country’s affairs”.
  • Over the weekend an oil tanker was hit by Houthis off the coast of Yemen and Ukraine struck Russia’s Slavyansk refinery again causing operations to cease. It refines 80kbd. But there has been little reaction in APAC trading.
  • Money managers’ net long crude positions fell for a second straight week, according to Bloomberg.
  • Later the Fed’s Bostic, Barr, Waller, Jefferson and Mester speak. There are no data of note.
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Oil prices are slightly higher during APAC trading today as the risk tone remains favourable. Brent is up 0.2% to $84.12/bbl after a high of $84.30. WTI is 0.1% higher at $79.65/bbl after reaching $79.83. Supply risks remain the focus with instability in Russia/Ukraine and the Middle East. The USD index is slightly lower.

  • The crash site of Iran’s President Raisi’s helicopter has been found and he and the foreign minister were killed. There is concern that his death could leave a power vacuum and destabilise the world’s third largest oil producer, but Ayatollah Ali Khamenei said that there “won’t be any disruption to the country’s affairs”.
  • Over the weekend an oil tanker was hit by Houthis off the coast of Yemen and Ukraine struck Russia’s Slavyansk refinery again causing operations to cease. It refines 80kbd. But there has been little reaction in APAC trading.
  • Money managers’ net long crude positions fell for a second straight week, according to Bloomberg.
  • Later the Fed’s Bostic, Barr, Waller, Jefferson and Mester speak. There are no data of note.