Free Trial

Little Changed In Asia

OIL

WTI and Brent are a handful of cents below neutral levels at writing. A downtick in U.S. e-mini equity futures applied some weight to crude in Asia-Pac dealing, although both contracts operated comfortably above their respective Wednesday’s troughs.

  • While geopolitical fears surrounding Russia & Iran have pulled back from their recent extremes (applying some pressure to crude in recent sessions), ultimate solutions to those matters are still not forthcoming.
  • As a reminder, Wednesday’s U.S. DOE crude inventory data revealed a “surprise” ~4.8mn bbl drawdown in headline crude stocks, as U.S. crude stockpiles hit the lowest level witnessed since 2018
  • Recent session lows provide technical support ($88.41 in WTI & $89.93 in Brent), while resistance is located WTI’s Jan 4 high ($93.17) and Brent’s Feb 7 high ($94.00).
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.