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Free AccessCrude Sinks On Demand, Supply & Event Uncertainty
Oil prices fell sharply on Tuesday on signs of ample supply, pullback in risk and jitters over upcoming events. WTI sank 4.3% to break below $70/bbl. It reached a low of $69.02 and is currently trading around $69.55/bbl. Brent is 4.4% lower to not only push below $75 but also $74 and is currently trading around $73.71.
- WTI broke through support at $69.39, the May 15 low. The next level to watch is $63.90, the May 4 low. Brent pushed through $73.49, the May 15 low, which opens $71.28.
- Market indicators are pointing to ample near-term physical supply, which is adding to uncertainty over the upcoming OPEC+ meeting on June 3-4, the passing of the US debt ceiling deal and demand from China (PMI data today will be important).
- Bloomberg cited Wood Mackenzie data showing that crude stocks at Cushing rose 1.05mn barrels in the latest week indicating softer demand.
- Russian oil companies increased their commissioning of oil wells in April by 16.5% providing further indications that supply is not being restricted as announced. Shipments have been moving lower but not by the magnitude stated.
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