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Firmer In Asia; Potential OPEC Supply Cut Gains Momentum

OIL

WTI and Brent are ~$0.70 better off apiece, building on a move away from Thursday’s session lows at writing. Both benchmarks remain on track to record a higher weekly close, with attention turning to the upcoming speech from Fed Chair Powell.

  • To recap Thursday’s price action, both benchmarks reversed gains to close ~$2 lower apiece after hitting fresh, multi-week highs, with the move lower aided by hawkish Fedspeak ahead of the annual Jackson Hole Symposium, exacerbating worry from some quarters re: a Fed-led economic slowdown.
  • Elsewhere, the case for cuts to OPEC+ production quotas continues to build, with current OPEC Pres. Itoua expressing support for the move on Thursday in comments to the WSJ. Looking ahead, OPEC+ will next meet on Sep 5.
  • The sole remaining mooring point at the Caspian Pipeline Consortium’s (CPC) Black Sea terminal has passed inspection, with the reduced loading capacity nonetheless remaining sufficient for now as major Kazakh oil fields have lowered their output.
Energy BulletsCommodities
Energy BulletsCommodities

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