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Crude Ticks Up to New Intraday Highs

OIL

WTI has erased earlier gains to be trading at a new intraday high in US hours, although is far from recouping all of yesterday’s steep losses.

  • Brent JUN 24 up 0.4% at 87.68$/bbl
  • WTI MAY 24 up 0.7% at 83.31$/bbl
  • Much of the recent receding in crude has been a shedding of the geopolitical risk premium of around $5/b, attributed to concerns that a wider Middle East conflict could hit supply.
  • While concerns of such a scenario appear to be easing, the market waits for any Israeli response to Iran’s drone attack last week, which could still spark unintended escalation.
  • Israel is unlikely to carry out a strike on Iran until after Passover, starting 29 April, according to ABC citing a senior US official.
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