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Prices Being Driven By Demand News As Supply Situation To Stay Tight

OIL

Oil prices started the session down on confirmation from the Chinese National Health Commission that the current zero-Covid policies remain in place while Covid cases reported are at a 6-month high. With limited transport possible in China currently, a reopening of the country would be a considerable boost to demand for oil.

  • Prices have recovered slightly over the day with WTI currently trading close to $91.50 after Friday’s high of $92.87/bbl and Brent around $97.50 after $98.81. Supply in the sector remains tight, a trend which is likely to continue in 2023, and so demand concerns because of global growth uncertainty are currently driving volatility in prices.
  • China’s October imports of crude oil fell 2.7% y/y year-to-date and in USD -0.5% y/y. Oil product imports fell 10.9% y/y% YTD and exports -24.5% y/y.
Energy BulletsCommodities
Energy BulletsCommodities

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