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Demand Concerns Push Crude Down Through Support Levels

OIL

Crude resumes the recent trend lower with downside pressure from strength in the US dollar amid concern over US and China demand growth.

  • Demand concerns driven by speculation that the US Fed hasn’t finished tightening have combined with concern for China demand amid weaker economic and oil products export data. Later the Fed Chairman Powell delivers some opening remarks, which given recent FOMC members’ comments are likely to be monitored closely.
  • Crude backwardation is also slightly softer with the prompt spread the lowest since mid July and the Jun24-Dec24 spread the lowest since August.
  • Brent futures traded through the key support at 82.20$/bbl yesterday to strengthen the current bear cycle and a break of the Aug 24 low at 81.02$/bbl level paves the way for an extension towards 78.89$/bbl.
    • Brent JAN 24 down -0.9% at 80.9$/bbl
    • WTI DEC 23 down -1% at 76.61$/bbl
    • WTI-Brent up 0.07$/bbl at -4.38$/bbl
    • Brent JAN 24-FEB 24 down -0.08$/bbl at 0.22$/bbl
    • Brent JUN 24-DEC 24 down -0.08$/bbl at 1.96$/bbl
    • WTI DEC 23-JAN 24 down -0.07$/bbl at 0.09$/bbl
    • WTI DEC 23-DEC 24 down -0.32$/bbl at 3.4$/bbl
Energy BulletsCommodities
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