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Oil Prices See A Boost From Lower OPEC Global Oil Surplus Forecast

COMMODITIES
  • Crude oil sits slightly higher today despite unwinding earlier support, late in the session to leave it up circa +0.5% (and with larger increases away from the front contract) having been boosted by OPEC reducing its 2022 global oil surplus estimate from 1.9m bpd to 1.4mbpd.
  • US crude production increased to 11.7m bpd in March from 11.3 in Feb for the highest month since Nov but is still well below the record high of 12.3m bpd in 2019.
  • The EU debate on Russian sanctions is ongoing at Hungary wants more tweaks with timing for approval of the sanctions unclear according to people familiar with the matter. Staying in Europe, the sanctions could paralyse Lukoil’s Italian refinery ISAB, the largest refinery in Italy accounting for 20% of Italian capacity and its power plant providing Sicily with around 20% of its electricity.
  • WTI is +0.54% at $115.28 and hasn’t troubled technical levels, with resistance eyed at $119.98 (May 31 high) or support at $109.54 (20-day EMA).
  • Brent is +0.65% at $116.35, sitting off support at $115.15 (May 31 low) whilst still off resistance at $120.80 (May 31 high).
  • Gold is +0.6% at $1849.03 despite USD strength and higher Tsy yields that would usually compete for haven demand. Technical levels are unchanged: resistance remains $1869.7 (May 24 high) with support at $1807.5 (May 18 low).
Energy BulletsCommodities
Energy BulletsCommodities

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