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Focus Remains On Mideast Risks Following Attack On US Solders Near Syrian Border

OIL

The early focus today will be on whether further risk premium gets built into the oil price outlook, following an attack on US troops stationed in Jordan (near the Syrian border). 3 US service personal were killed and US President Biden has stated "We shall respond" at a campaign event in the US on Sunday. The US authorities have stated that Iranian-backed militants were responsible for the attack (see this BBG link).

  • This comes after Friday's Houthi missile attack on a Russian linked cargo ship carrying oil, which drove prices higher late in the session.
  • The front month Brent contract rose 1.36% for Friday's session, while for the week we were +6.35%. WTI front month was +0.84% higher for Friday's session.
  • The technical backdrop for Brent is skewed higher, with key resistance at $84.22 (Nov 30 high), not too far away.
  • Elsewhere, OPEC+ is not expected to decide on production volumes from April onwards at the next JMMC meeting on 1 February, but the group is likely to announce a decision in the coming weeks.
Energy BulletsCommodities
Energy BulletsCommodities

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