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Crude Lower But Supply Outlook Remains Focus

OIL

Oil prices were 0.4% lower on Monday as economic concerns resurfaced but still held onto most of Friday’s gains. WTI is currently trading around $82.42/bbl and Brent finished at $85.86. The USD index finished slightly higher.

  • WTI reached a low of $81.52 on Monday and Brent found support at $85 with a low of $85.03. WTI is now well below resistance at $83.59 and Brent at $86.73.
  • On the supply side, Saudi Arabia has said that there is adequate output for customers despite cuts. In Europe, Poland expects to resume crude flows through the Druzhba pipeline today. On the weekend, a drone hit a Russian tanker in the Black Sea adding to uncertainty re Russian shipments.
  • DOE data as of August 4 showed that refilling the SPR has begun with total inventory rising 1mn barrels with the increase in sour crude. Another 3.1mn barrels is scheduled to be delivered this month, according to Bloomberg.
Energy BulletsCommodities
Energy BulletsCommodities

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