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Down For December, But Dips Remain Supported

OIL

Brent crude is not too far off Thursday session highs, last tracking near $83.80/bbl. We currently sit little changed for the week, but down a little over 2% for the month. Dips towards $82/bbl were supported yesterday, but we remain comfortably below earlier weekly highs around $86/bbl. WTI sits close to $78.70/bbl currently.

  • Looking ahead, official China PMI data prints tomorrow, but the market is likely to look through any downside surprises as optimism is still positive around the 2023 outlook on the shift away from CZS.
  • Next week on Tuesday Bloomberg will publish its OPEC production survey. On Wednesday US API inventories are due, followed by EIA US inventories on Thursday.
  • This weekly report, released yesterday saw a decent rise in US oil inventories, but as outlined above, dips in crude were supported through the session.
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