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OIL: Tracking Higher For 2nd Straight Week, Israel Response Still Awaited

OIL
BulletEnergy BulletsCommodities

Brent crude sits slightly off end US Thursday levels, last near $79.10/bbl in terms of the active contract. We are still tracking up close to 1.5% for the week. WTI was last near $75.65/bbl, up around 1.75% for the past week. This follows the +9% gain for the benchmarks last week. For Brent, recent highs just above the $81/bbl remain intact. The benchmark sits above all key EMAs except the 200-day day. The 50-day day is back at $76.58/bbl. 

  • Oil gains from Thursday trade are largely being held, as uncertainty over Israel's retaliation against Iran lingers. The Israeli cabinet met on Thursday and oil traders may be nervous ahead of the weekend around any potential Israel action.
  • US President Biden and Gulf states continue to call for Israel not to target Iran's oil assets.
  • In the cross asset space, the front end yield pull back on Thursday, coupled with a more mixed USD backdrop, likely helped oil at the margins.
  • Note tomorrow we also have the China fiscal briefing from the MOF, with any fresh stimulus measures eyed for the China outlook. 
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Brent crude sits slightly off end US Thursday levels, last near $79.10/bbl in terms of the active contract. We are still tracking up close to 1.5% for the week. WTI was last near $75.65/bbl, up around 1.75% for the past week. This follows the +9% gain for the benchmarks last week. For Brent, recent highs just above the $81/bbl remain intact. The benchmark sits above all key EMAs except the 200-day day. The 50-day day is back at $76.58/bbl. 

  • Oil gains from Thursday trade are largely being held, as uncertainty over Israel's retaliation against Iran lingers. The Israeli cabinet met on Thursday and oil traders may be nervous ahead of the weekend around any potential Israel action.
  • US President Biden and Gulf states continue to call for Israel not to target Iran's oil assets.
  • In the cross asset space, the front end yield pull back on Thursday, coupled with a more mixed USD backdrop, likely helped oil at the margins.
  • Note tomorrow we also have the China fiscal briefing from the MOF, with any fresh stimulus measures eyed for the China outlook.