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Stabilizes, But Comfortably Lower For The Week

OIL

Brent crude is modestly higher, last at $76.75/bbl, around +0.75% above NY closing levels. This would be Brent's first gain since Thursday last week, though we are still comfortably tracking lower for the third straight week. WTI is just under $72/bbl, tracking a similar trajectory. Both benchmarks are still just above YTD lows.

  • WTI’s spike overnight post the shutting of the Keystone pipeline overnight, proved to be very short lived, which gives a good indicator of current sentiment in the oil market. There are reports though part of the supply disruption will be only be brief.
  • Elsewhere the US Treasury held discussions with the Turkish Foreign Ministry in an attempt to ease congestion on oil tankers coming out Kazakhstan. Turkey now requires these tankers to have insurance to pass through certain straits in the wake of the latest sanctions on Russia.
  • Looking ahead to next week, on Tuesday the OPEC monthly oil report is due, while EU energy ministers also meet in Brussels. On Wednesday the IEA monthly oil report is due (along with the Fed decision). Then on Thursday monthly China activity data is out.
Energy BulletsCommodities
Energy BulletsCommodities

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