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Crude Pulls Back Towards Lows of the Week

OIL

Crude has pulled back to the low end of the range of the week with next technical support at the 4 May low of 74.75$/bbl and with WTI support down at 68.48$/bbl.

  • Concern for future global oil demand is still weighing on the market after BoE today joined the ECB and the US Fed in raising rate 25bp.
  • The OPEC monthly oil report kept global economic growth forecasts steady leaving demand growth unchanged at 2.3mbpd.
  • They expect global oil demand for 2023 at 101.9mbpd but is "subject to many uncertainties, including global economic developments and ongoing geopolitical tensions.”
    • Brent JUL 23 down -1.4% at 75.32$/bbl
    • WTI JUN 23 down -1.5% at 71.45$/bbl
    • Brent JUL 23-AUG 23 up 0.03$/bbl at 0.17$/bbl
    • Brent DEC 23-DEC 24 down -0.16$/bbl at 2.67$/bbl
    • WTI JUN 23-JUL 23 down -0.02$/bbl at 0.02$/bbl
    • WTI DEC 23-DEC 24 down -0.1$/bbl at 3.12$/bbl
Energy BulletsCommodities
Energy BulletsCommodities

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