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Free AccessSteady, But On Track For Weekly Drop
Brent crude is basically unchanged for the session, last at $94.55/bbl. We have consolidated following the overnight +2% gain. WTI was last just above $89.10/bbl. For Brent, this past week has seen support on dips below the 50-day MA, which comes in at $93.85/bbl, so this could be a level to watch on the downside. Early highs from this week/late last week above $98/bbl remain intact. Both crude benchmarks are headed for a weekly loss if current levels hold.
- The surge in US oil inventories, reported overnight has done little to dent sentiment. There is speculation this partly reflects the US SPR release from earlier in the year. There is also still concern around supply, particularly as we head into the northern hemisphere winter months.
- Reflecting this, Brent's prompt spread is down from highs seen last week, but isn't showing a clear downward trend either.
- US-Saudi tensions are elevated, with the US unhappy in terms of the country's role in last week’s OPEC+ supply cut decision. US President Biden said further relief on domestic gasoline prices is coming next week (although didn't spell out specifics).
- Elsewhere, the IEA cut its demand forecast for 2023 by 470k bpd. Weaker economic conditions/tighter policy settings prompted the 20% forecast drop.
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.