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OPEC Stress Already Felt As Saudi Arabia Boost OSP Margins

COMMODITIES
  • Following the collapse of the prelim OPEC+ agreement yesterday, energy markets are already beginning to show the stress, with Saudi Arabia's Aramco this morning boosting selling prices for crude headed to Asia, the US and Europe across August, boosting margins against the benchmark by as much as $0.80/bbl.
  • As a result, the likes of WTI and Brent crude futures are in positive territory, with both benchmarks hitting new cycle highs ahead of the Tuesday open.
  • Gold is in positive territory, with spot hitting new weekly highs and topping $1,800/oz. The moves come despite a bounce in the USD, which is recovering from overnight lows. Gold has narrowed the gap with the 50-day EMA and first material resistance at $1815.80.
Energy BulletsCommodities
Energy BulletsCommodities

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