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Tracking Down Sharply For the Week Amid Demand Concerns

OIL

Brent crude is unchanged versus Thursday closing levels, last around $81.10. We lost nearly 4.5% through the Wednesday/Thursday sessions. At this stage, Brent is down ~6% for the week, tracking for the first weekly loss since mid March. WTI is slightly above $77/bbl, with this level holding through the tail end of Thursday's session.

  • Brent is now sub the 50-day EMA (just under $82.40/bbl), with bears likely to target a break back sub $80/bbl, highs from late March.
  • Demand concerns remain a clear headwind in the near term. A South Korean refinery plans to trim run rates in July.
  • Weakness in other commodities, like iron ore today, amid signs of weaker China demand, are also likely weighing on oil sentiment at the margins.
  • Looking ahead to next week, there isn't much in the way of oil specific event risks outside of the weekly inventory readings.
Energy BulletsCommodities
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