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Supply Worries Put A Floor Under Prices

OIL

Oil markets were up moderately today after falling overnight. WTI rose around 1% to $83.74 but remains below its key moving averages. Brent has stayed above $90 and is up 0.6%.

  • Global growth concerns continue to weigh on oil prices but markets were also focused on supply issues, which have currently put a floor in the market.
  • There was concern that the European Union’s latest sanctions against Russia would tighten the market despite the US’ expected release of up to $15mn barrels from the Strategic Petroleum Reserve (SPR). An announcement on this is expected in the US today. There could be further supplies from the SPR going forward for the winter.
  • There has also been a delay to the full reopening of the Kashagan oil field in Kazakhstan. They are one of the largest alternatives to Russia for Europeans.
Energy BulletsCommodities
Energy BulletsCommodities

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