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Off Thursday Highs, Tracking Down Slightly For Week

OIL

The first part of Friday trade has seen oil front month benchmarks soften. Brent was last near $83.25/bbl, down around 0.50% from end Thursday levels. If we hold at this level, we will finish the week marginally weaker. For WTI, we were last close to $78.20/bbl, off by a similar amount for the Friday session and also tracking lower for the week.

  • At the margin a softer US Tsy futures backdrop has probably weighed on sentiment in the space so far today. US Fed officials, have for the most part pushed back against the idea of near term rate cuts.
  • Fundamentally, Red Sea attacks look set to continue, with the Houthi leader saying the group is looking to 'Escalate' Red Sea operations. On Thursday we also had a lower-than-expected build in US crude stocks.
  • Hence prices remain fairly close to recent highs on supply concerns. For Brent, late Jan highs at $84.80/bbl will be the upside focus.
Energy BulletsCommodities
Energy BulletsCommodities

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