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Crude Stabilising As Geopolitics Settle, Supply In Focus

OIL
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Oil prices are up moderately during today’s APAC session after falling 0.1% on Monday. While fighting in Gaza continues and there is no further escalation of tensions between Israel and Iran, crude may range trade again. WTI is up 0.5% to $82.29/bbl after falling to $81.86 and Brent is 0.4% higher at $87.39 but tested $87 earlier. The USD index is down slightly.

  • The US extended sanctions on Iran’s oil to include financing but analysts don’t expect the new measures to have a material impact on Iran’s crude exports, according to Bloomberg.
  • Derivatives markets are easing with the premium Brent calls had over puts disappearing but the spread between the two nearest futures contracts continues to signal a tight market, as stated by Bloomberg.
  • With geopolitical developments not currently driving energy prices, attention returns to fundamentals. US API inventory data is released later today. There has been sizeable crude stock builds in recent weeks while product inventories continue to decline.
  • Later US preliminary April Global S&P PMIs, new home sales and Philly & Richmond Fed indices as well as European PMIs print. BoE’s Pill and Haskel speak.
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Oil prices are up moderately during today’s APAC session after falling 0.1% on Monday. While fighting in Gaza continues and there is no further escalation of tensions between Israel and Iran, crude may range trade again. WTI is up 0.5% to $82.29/bbl after falling to $81.86 and Brent is 0.4% higher at $87.39 but tested $87 earlier. The USD index is down slightly.

  • The US extended sanctions on Iran’s oil to include financing but analysts don’t expect the new measures to have a material impact on Iran’s crude exports, according to Bloomberg.
  • Derivatives markets are easing with the premium Brent calls had over puts disappearing but the spread between the two nearest futures contracts continues to signal a tight market, as stated by Bloomberg.
  • With geopolitical developments not currently driving energy prices, attention returns to fundamentals. US API inventory data is released later today. There has been sizeable crude stock builds in recent weeks while product inventories continue to decline.
  • Later US preliminary April Global S&P PMIs, new home sales and Philly & Richmond Fed indices as well as European PMIs print. BoE’s Pill and Haskel speak.