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Crude Plummets into Negative Territory

OIL

Crude markets have reversed course and has erased all gains on the day to now be trading lower, as concerns over OPEC’s ability to enforce its cuts are once again countering the concerns of shipping disruption in the Red Sea.

  • Brent FEB 24 down -0.2% at 79.2$/bbl
  • WTI FEB 24 down -0.1% at 73.8$/bbl
  • The Wall St Journal is reporting that, according to its sources, "Iran’s paramilitary forces are providing real-time intelligence to Yemen’s Houthis that the rebels are using to direct drones and missiles to target ships passing through the Red Sea".
  • While Angola’s decision to leave OPEC is unlikely to alter output significantly in and of itself, it has signalled to the market that there is disunity within the bloc. This could strain its ability to enforce supply cuts.
  • Brent FEB 24-MAR 24 unchanged at 0.23$/bbl
  • WTI FEB 24-MAR 24 up 0.03$/bbl at -0.14$/bbl
Energy BulletsCommodities
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