Recovering From Early Asia Lows To Trade Little Changed

WTI and Brent initially extended on Thursday’s weakness with risk assets on the defensive in early Asia-Pac trade, before stabilising as e-minis recovered and the Hang Seng Tech Index firmed, leaving the global oil benchmarks $0.10 or so below their respective settlement levels into London hours. Still, WTI & Brent remain on track to snap a two-week streak of weekly net losses.

• To recap, crude tracked broader risk sentiment for the most part on Thursday, before legging lower late in the day as US Energy Secretary Granholm noted that it will be somewhat “difficult” to refill the SPR during ’23, even with crude prices operating within the already disclosed target purchase band. This also fed into early Asia-Pac price action.