Crude Reverses Early Losses In Asia

Wider swings in risk appetite made for a lively Asia-Pac session, with WTI & Brent recovering early losses to last print ~$1.oo/bl & $1.50 higher on the day, respectively. WTI last deals at ~$110.50, while Brent sits just above $110.60, comfortably within their recent ranges.

• Wednesday’s risk-negative impulse spilled over into early Asia-Pac dealing, before the ability of the S&P 500 e-mini contract to find a base, followed by news that Shanghai port had resumed 90% of throughput capacity, with further re-opening steps for the city outlined, facilitated the bid.
• This comes after Wednesday’s equity-driven risk negative flows meant that the major crude benchmarks registered losses of over $2.00/bbl, with the latest round of DoE inventory data failing to provide any meaningful impulse, overpowered by the wider backdrop.