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SONIA FIX - 08/02/23

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US FIX - 08/02/23

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Off Highs, But Still On Track For Solid Weekly Gains

OIL

Brent crude is down -0.80% from NY closing levels, last in the low $96/bbl region. This follows two sessions of strong gains, and we are still +2.87% on closing levels from the end of last week. Overnight highs around $97.30 were fresh highs going back to October 10. WTI is following a similar trajectory, last just above $88/bbl, but still +3.5% higher for the week. On-going tight supplies, coupled with a USD pull back, have aided crude sentiment.

  • In terms of headline flow, US President stepped up his criticism of energy companies (after Shell's bumper profit result). This comes as domestic gasoline prices are trending higher, amid low inventories. The energy price issue is seen as important one for the Democrats ahead of the upcoming mid-term elections.
  • Energy Ministers from Saudi Arabia and France stated the need to increase oil market stability, per Bloomberg reports. Both sides agreed to strengthen relations to secure supplies for global markets.
  • Next week we get an update on China domestic demand conditions with official PMI prints on Monday. Bloomberg will publish a survey of OPEC crude production for October on Tuesday, we will also get the API report. Then on Wednesday is the EIA weekly report, along with the main macro event risk for the week, the Fed decision.

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