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Higher, But Within Recent Ranges, Focus On US Inventory Data Later

OIL

Oil benchmarks remain within recent ranges. Brent (K4), was last near $82.40/bbl, up around 0.6% so far today. This is offsetting Monday's 0.35% fall, but we remain sub recent highs. WTI (J4) was last near $78.05/bbl, up 0.65%, and looking to end a run of four straight session falls for the benchmark. Like Brent though we remain largely range bound.

  • OPEC+ supply weighed on sentiment during Tuesday trade. OPEC raised oil output 200,000 bpd to 26.6 mln bpd in February, it also overshot its production target by 200,000 bpd.
  • At the margin broader USD strength/higher interest rates post the US CPI print, would have also been a headwind, like elsewhere in the commodity space.
  • Some offset has come from reports earlier today that US crude inventories fell last week (see this BBG link for more details). We get official inventory figures in the US later today.
Energy BulletsCommodities
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