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Oil Little Changed In Asia, Brent Holds Below $80

OIL

WTI & Brent crude futures have shed ~$0.15 vs. Tuesday’s settlement levels. Early defensive posturing across broader markets applied some modest pressure to the crude benchmarks, which have since recovered from worst levels. Asia ranges were tight (~$0.60).

  • This comes after OPEC+ lifted its cumulative February oil output target by 400K bpd, matching broader expectations. The group now sees a tighter oil market in Q122 when compared to its Dec projections, signalling a lack of worry when it comes to the impact of the Omicron COVID variant. Brent briefly showed above $80.00 on Tuesday but couldn’t hold the move.
  • The latest round of weekly U.S. API inventory estimates reportedly revealed a sharper than expected headline drop in crude stocks, alongside wider than expected builds in gasoline and distillate stocks, in an addition to an uptick in stocks at the Cushing hub. The release had no tangible impact on crude futures.
  • Weekly U.S. DoE inventory data will be eyed on Wednesday.
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
Energy BulletsCommodities
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
Energy BulletsCommodities

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