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Off Week to Date Highs As Risk Appetite Cools

OIL

The front month Brent contract sits off highs from this week. We were last just under $82.30. This is still comfortably firmer for the week (near +3.5%). WTI was last near $78.05, also up firmly for the week, but away from recent highs.

  • News flow has seen focus on slowing China refining demand (see this BBG link), in a further sign that China commodity demand is cooling after a number of decades of very strong growth. Elsewhere attacks on shipping by the Houthi rebels in Yemen appear to have picked up in recent days.
  • More broadly risk sentiment has been slightly softer in the past 24 hours, with on-going political uncertainty in the EU a clear headwind for assets in that region, which has seen some spill over more broadly. Firmer USD levels will also be curbing oil gains to a degree.
  • For WTI, key short-term resistance lies at $80.62, the May 29 high. On the downside, a resumption of weakness would open $71.33, the Feb 5 low.
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