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Prices Remain Down As Fed Tightening Expectations Grow

OIL

After falling around a percent on Wednesday, oil prices are down another 0.3% during the APAC session as the USD continued to strengthen and US yields to rise on expected future Fed tightening. The USD index is 0.3% higher.

  • Brent is down 0.2% to around $73.01/bbl, close to the intraday low of $72.96. Breaks below $73 haven’t been sustained. WTI is 0.3% lower to about $68.08, close to the intraday low of $68.04. $68 hasn’t been breached this session.
  • Despite forecasts of the market being in deficit in H2 2023, it remains concerned about stock build and lacklustre demand. The rise in US gasoline inventories signalled weak demand during the driving season, but on the other hand China released a large number of crude import quotas suggesting rising demand.
  • Later US May retail sales, trade prices, IP/capacity, business inventories, Empire & Philly indices and jobless claims print. The ECB meets and is expected to hike 25bp.
Energy BulletsCommodities
Energy BulletsCommodities

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