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Early Gains Unwound As Cross Asset Headwinds Dominate

OIL

Brent crude has unwound early session gains, last tracking just below $80/bbl. We did get to $80.90/bbl in the first part of the session, but weaker risk appetite post the BOJ decision has weighed on sentiment. WTI has followed a similar path, last around $75.40. Both benchmarks rose by around ~1% for Monday's session.

  • Stepping back, crude is still in the middle of recent ranges. For Brent we have been in a rough $75-$83/bbl range in recent weeks.
  • On the supply front, TC Energy's restart plan for the Keystone is under review with the US authorities. Elsewhere, North Dakota has 300k barrels per day offline following a blizzard last week and will reportedly take a number of weeks to come back online.
  • This evening we have the API weekly report on US oil inventories due.
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