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Struggling

OIL

WTI and Brent sit ~$0.65 below settlement levels, with questions surrounding the potential for timely implementation of the U.S. fiscal support package evident in the wake of U.S. President Trump's well-documented lambasting of the current Bill.

  • Another surprise headline crude stock build in the latest round of weekly API inventory estimates was also seen ahead of Asia-Pac hours, which applied pressure to the space in post-settlement trade and was accompanied by mixed product metrics and fairly flat Cushing inventory levels.
  • Continued worry re: the recent COVID mutation centring on the UK and its knock-on impact for fuel demand pressured crude on Tuesday, although the benchmarks managed to recover from worst levels of the day (although Tuesday's lows are being tested at present).
  • The weekly DoE inventory data headlines on Wednesday.
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
Energy BulletsCommodities
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
Energy BulletsCommodities

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