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Failing to hold on to tentative gains

OIL
  • Oil's tentative rally yesterday which continued after the close has been partially reversed and at the time of writing both Brent and WTI sit almost unchanged from their closing levels yesterday.
  • The key debating points in oil markets remain familiar - the hit to demand from Covid-19 and the ensuing follow through to soft economic growth. And on the supply side Libyan oil coming back online.
  • Bloomberg cited data from Ursa Space Systems which showed that Chinese crude inventories were close to record high levels at 72.7%.
  • Our technical analyst notes that bearish threats for oil still remain despite oil holding up fairly well despite the underlying risk-off tone this week.
Energy BulletsCommodities
Energy BulletsCommodities

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