Free Trial

Tracking Down Sharply For the Week Amid Demand Concerns


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.

To read the full story



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.