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Paring Friday’s Gains; Chinese Energy Demand Eyed Amidst COVID-Curbed Holiday Season

OIL

WTI and Brent deal ~$1.30 softer apiece at typing, unwinding some of their respective rallies observed on Friday amidst elevated worry re: weakening Chinese energy demand and central bank-led economic slowdowns.

  • To recap, both benchmarks closed ~$4 firmer on Friday, extending a rebound from Thursday’s eight-month lows amidst an uptick in supply-related worry, linked in part to progress re: G7 price caps on Russian energy despite Russian vows to cut energy supplies in retaliation.
  • The U.S. has set a target date of Dec 5 to implement their price caps on Russian oil, set to coincide with the EU’s sixth package of sanctions.
  • Elsewhere, hope for an Iranian nuclear deal has continued to fade - France, Germany, and Britain jointly stated over the weekend that they had “serious doubts” about Iranian sincerity re: a deal amidst alleged escalation of the latter’s nuclear programme.
  • Looking ahead, assessments of Chinese energy demand across the ongoing holiday weekend and at next month’s Golden Week holiday will draw focus, with Chinese citizens so far being encouraged to avoid inter-city travel, while some regions continue to be under lockdown.
Energy BulletsCommodities
Energy BulletsCommodities

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