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Stabilizing But Still Down Sharply For The Week

OIL

Brent crude sits just under $84/bbl in recent dealings, slightly higher for the session, but still comfortably lower for the week. At this stage we are tracking down 6.2% for the week for the front month Brent contract. WTI was last near $79.25/bbl, off by around 5.5% so far this week.

  • Brent is up from recent lows near $83/bbl, but sub all key EMAs. The 200-day juat above $84.10/bbl is the closest, while the 20-day sits back above $87/bbl.
  • The softer USD tone amid dovish Fed leanings has helped stabilize sentiment in the latter stages of this week, but reduced conflict risks in the Middle East have seen some geopolitical risk premium come out of prices. Wires reported on Thursday that Hamas have agreed with Qatar to continue talks on a truce in Gaza.
  • There are also signs of less gasoline demand as we approach the US summer driving season (per BBG).
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