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Prices Retreat As Tightening And Demand Concerns Weigh On Market

OIL

Higher US yields and dollar driven by increased tightening expectations weighed on oil prices on Monday driving them down to levels seen at the start of last week. WTI fell 2% and is trading around $80.85/bbl. It is off its intraday low of $80.47. Brent is down to $84.76. The USD index rose 0.5%.

  • WTI has remained off support of $79 and Brent off $83.50, the April 3 lows. Both are still just above their 200-day simple moving averages. But technicals suggest that crude is overbought.
  • Reuters reported that Iraq and Kurdistan have cleared up technical issues so that exports through the Turkish port of Ceyhan can resume.
  • Asian refiners are looking at reducing production given a drop in demand. Margins for diesel have slumped. These signs of reduced crude demand also weighed on prices on Monday but supply headwinds are expected to worsen over coming months.
Energy BulletsCommodities
Energy BulletsCommodities

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