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Holding +1% Higher For The Week

OIL

Brent crude has tracked tight ranges for the first part of Friday trade. We were near $77.85/bbl for the front month contract, slightly above Thursday closing levels. At this stage, we are tracking higher for the week, with a gain of just over 1%. The WTI front month benchmark is also higher for the week (+1.3%) and last tracking at $72.60/bbl.

  • Pressure came on Thursday from large US product builds, while strong non-OPEC production is also evident. This is outweighing support from a larger than expected draw in US crude stocks and continued disruption in the MENA region.
  • Oil prices are not reacting much to Red Sea escalations and geopolitical tensions because fundamentals are softer for crude right now according to Energy Aspects Director Amrita Sen.
  • Brent crude remains broadly within recent ranges, with lows year to date coming around $75//bbl, but hasn't been able to break back above $80/bbl on the topside. Still a gain this week is impressive for the week given the strong USD rebound.
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