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Crude Loses Earlier Gains on Uncertain Future Demand

OIL

Brent crude front month futures have eased back from the highs of the day with prices falling back from near the technical resistance levels at the 10 May high of 77.60$/bbl.

  • Crude markets are pulling back towards the previous close with uncertainty over a resolution to US debt ceiling talks and future US demand growth as well as differing views on the potential rate of growth in China.
  • Near term tighter supplies from disruption in Iraq and Canada are adding to OPEC production cuts to provide price support. The next OPEC+ ministerial meeting is scheduled for 3-4 June with some early suggestions from Iraq last week that there are no current plans to cut targets further.
  • Iraqi oil minister Hayan Abdel-Ghani affirmed his country's commitment to OPEC+ voluntarily production cuts in a phone call with his Russian counterpart earlier today according to Iraqi state news agency (INA).
    • Brent JUL 23 up 0.3% at 76.1$/bbl
    • WTI JUN 23 up 0% at 71.89$/bbl
    • WTI-Brent down -0.11$/bbl at -4.06$/bbl
    • Brent JUL 23-AUG 23 up 0.03$/bbl at 0.09$/bbl
    • Brent AUG 23-SEP 23 up 0.04$/bbl at 0.26$/bbl
    • Brent DEC 23-DEC 24 up 0.14$/bbl at 2.73$/bbl
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