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Oil Undermined as Russia Could Bump Production Above-Quota

COMMODITIES
  • After a positive start to the session, WTI and Brent crude futures dipped into negative territory shortly after US trade, with Russia's Novak quoted in IFX as saying the country could raise oil output above the OPEC+ quotas - pressing WTI futures to new weekly lows just above $67/bbl support.
  • The downside persisted headed into the weekly DoE crude oil inventories numbers, which showed a far larger draw on headline stockpiles than expected, with a drawdown of over 7mln bbls - twice that of expectations.
  • Metals markets also saw a tumultuous session, with Dalian-listed iron ore dropping to nearly 40% off the year's best levels, and coming closer to the cycle lows printed mid-August.
  • Heavy selling pressure was present in markets from the off, with reports that China had released a third batch of metals supply from state reserves quickly doing the rounds. China confirmed that 150,000 tons of copper, aluminium and zinc had been released from their strategic supply, with the government vowing to continue to monitor price trends going forward.
Energy BulletsCommodities
Energy BulletsCommodities

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