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Crude Slumps On Rate Concerns

OIL

Despite better risk sentiment, oil prices sank around 2% on concerns over the impact of rising rates on demand. ECB President Lagarde said it was too soon to say tightening was done and in addition the stronger-than-expected US data was seen as likely to drive further Fed hikes. Continuing soft prices may mean that Saudi extends its output cut beyond July. The USD index was down 0.2%.

  • WTI fell 1.9% on Tuesday and has started the APAC session down slightly to $67.88/bbl. It reached a high yesterday of $70.15 but couldn’t hold gains above $70. It is off its intraday low of $67.90. It is approaching support at $66.96. Brent fell 2.2% to around $72.72. It breached $75 to reach a high of $75.08 but couldn’t sustain it. Support is at $71.50.
  • Lower US inventories didn’t support prices. Bloomberg is reporting that API crude stocks fell 2.41mn barrels in the latest week, according to sources familiar with the data. Gasoline was down 2.85mn and distillate rose 0.78mn.
  • Short-term timespreads are pessimistic as they moved deeper into a bearish contango yesterday given the negative demand outlook.
Energy BulletsCommodities
Energy BulletsCommodities

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