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OIL: With Inventory News Now Digested, Oil Turns to Geopolitics. 

OIL
BulletEnergy BulletsCommodities
  • Having retreated yesterday on news of growing inventories in the US, Oil turned its attention to the escalation in Ukraine.
  • Having fired US and UK manufactured long dated missile into Russia, Ukraine was at the receiving end as Russia launched their new ballistic missile at the city of Dnipro.
  • WTI had hovered around US$69 for some time before the news, then spiking to $70.38.
  • Following a retreat to $69.40, oil again rose to finish trading in US hours at $70.14.
  • Brent’s price action was somewhat similar having traded around $73 into the US open, it popped on the news to a high of $74.40, before retreating do $73.50.
  • Further headlines from Ukraine saw a resurgence in Brent up to $74.30 for the close.
  • China’s economic malaise has been a drag on oil prices this year and data out yesterday was watched keenly by oil markets and particularly OPEC+.
  • With the market facing a sizeable supply glut in 2025 markets await a decision from OPEC+ on plans to revive idled production which signs of an improvement in China could thwart.
  • Road congestion and new vehicle registrations rose to the highest levels seen in several years.
  • In Brazil, Petrobras announced plans to invest $111bn over the next five years.
  • As oil begins to trade in the Asia region, traders are clearly mindful of the Geopolitics driving markets with prices ticking marginally higher in early trading. 
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  • Having retreated yesterday on news of growing inventories in the US, Oil turned its attention to the escalation in Ukraine.
  • Having fired US and UK manufactured long dated missile into Russia, Ukraine was at the receiving end as Russia launched their new ballistic missile at the city of Dnipro.
  • WTI had hovered around US$69 for some time before the news, then spiking to $70.38.
  • Following a retreat to $69.40, oil again rose to finish trading in US hours at $70.14.
  • Brent’s price action was somewhat similar having traded around $73 into the US open, it popped on the news to a high of $74.40, before retreating do $73.50.
  • Further headlines from Ukraine saw a resurgence in Brent up to $74.30 for the close.
  • China’s economic malaise has been a drag on oil prices this year and data out yesterday was watched keenly by oil markets and particularly OPEC+.
  • With the market facing a sizeable supply glut in 2025 markets await a decision from OPEC+ on plans to revive idled production which signs of an improvement in China could thwart.
  • Road congestion and new vehicle registrations rose to the highest levels seen in several years.
  • In Brazil, Petrobras announced plans to invest $111bn over the next five years.
  • As oil begins to trade in the Asia region, traders are clearly mindful of the Geopolitics driving markets with prices ticking marginally higher in early trading.