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Futures Suggest That Oil Market May Be Easing

OIL

Oil prices are higher on the day, as the USD weakened. WTI is up about 0.7% to $86.17 and Brent 0.8% to $92.35 while DXY is down 0.2%.

  • The upside to oil prices has been limited after Chinese President Xi Jinping signalled no change in the country’s Zero-Covid Policy, which is weighing on growth.
  • Brent’s prompt spread was in backwardation today and is signalling a tentative easing in the oil market.
  • The market is still very nervous regarding global growth prospects and the subsequent impact on energy demand. Last week’s IEA warning that OPEC+ production cuts could push the world economy into recession has added to fears.
  • WTI is still below its 50-day moving average but hasn’t broken the 20-day MA yet on the downside or the 5-day on the upside.
Energy BulletsCommodities
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