Lower In Asia; Supply Optimism Rises Ahead Of OPEC+ Meeting

WTI is ~-$0.80 and Brent is ~-$1.00, with the latter sitting a little below the $100 mark after failing to break above that level earlier in the session.

• To recap, both benchmarks closed ~$4-5 lower apiece on Monday on the back of disappointing data prints out of the U.S. and Europe, worsening the energy demand outlook from some quarters amidst prior recession-related worry.
• Looking to OPEC+, a Fox Business news reporter has pointed to sources informing him that Saudi Arabia will “push OPEC+ to increase oil production at their meeting on Wednesday,” although wider news flow re: the matter on the Fox network has not been observed at writing.
• A BBG report has observed that Russian seaborne oil exports have “stabilised” and are little changed from pre-invasion levels, likely underscoring the difficulty the west faces in targeting Russian crude. This comes as FT on Monday noted that the UK continues to hold off on introducing a ban on maritime insurance to ships carrying Russian oil, a measure that was supposed to join a similar move by the EU in May.
• Brent’s prompt spread has narrowed to ~$2.00 at typing, down from over $5.00 observed just a week ago.
• Looking ahead, BP plc will report earnings later today, with the accompanying commentary potentially offering some insight into the outlook for crude supply (coming after recent high-profile earnings beats from Shell, Exxon Mobil, Chevron, and Total Energies).