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Modestly Higher Ahead Of Key Event Risks This Week

OIL

Oil benchmarks are marginally higher in the first part of Monday dealings. Brent has been unable to recapture the $80/bbl handle but still sits +0.355 higher, unwinding Friday's modest loss. WTI front month is around $75.80/bbl, showering a similar trajectory.

  • Broadly oil benchmarks maintain ranges from the latter stages of last week. For Brent, we are sub all key EMAs, with the 20-day at $81.57/bbl the nearest on the topside. Earlier June lows rest at $76.76/bbl.
  • Goldman Sachs expected Brent to recover to $86/bbl in Q3, as the market gets pushed into deficit (see this link for more details).
  • Outside of this week's Fed meeting, note we also have monthly reports from OPEC and the International Energy Agency due on Tuesday and Wednesday respectively.
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