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Tracking Higher For The Week

OIL

Oil benchmarks sit just off Thursday highs. Brent crude front month was last near $78.90/bbl, down around 0.30% so far in Friday trade. We are still up for the week (+0.75%). WTI front month was last near $74/bbl having followed a similar trajectory so far today. It's week to date gain is more impressive though, +1.84%.

  • Brent sits towards the upper end of its recent ranges. $80.75 (Jan 12 high) will be eyed, while the bull trigger higher still at $81.45 (Dec 26 high). Recent lows rest at $76.50/bbl.
  • Sentiment was aided on Thursday by the US stocks draw. EIA Weekly US Petroleum Summary - w/w change week ending Jan 12: Crude stocks -2,492 vs Exp -426, Crude production +100, SPR stocks +596, Cushing stocks -2,099. North Dakota oil production was also down.
  • On the demand side, the global oil demand growth forecast for 2024 has been revised higher by 180kbpd to 1.2mbpd to reach almost 103mbpd, according to the IEA Monthly Oil Market Report.
  • In the background Red Sea tensions continue, with further attacks reportedly launched by Houthis in the past day or so.
Energy BulletsCommodities
Energy BulletsCommodities

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