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Tracking Higher For The Week, As China Demand Optimism Continues To Dominate

OIL

Brent crude is mostly holding onto Thursday session gains. We were last around $86.30/bbl, still seeing some resistance closer to the $87/bbl level. For the session we are up a modest 0.25%, leaving weekly gains around 1.25% at this stage. Highs from Jan 18 near $88/bbl remain intact, while dips this week to $84/bbl have been supported.

  • There is little impact from inventory data in NY trading showing a much larger than expected build (8.4M vs -1.3M). The increase in cushing crude stocks was the most since Apr’20.
  • Demand optimism, particularly the China outlook is keeping sentiment supported at this stage. China dec oil imports from Russia fell, with Saudi Arabia taking the top spot in terms of supplies to China.
  • At this stage though we are little changed for Brent crude prices versus levels at the end of last year.
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