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Tracking Higher For The Week, Russia May Cut Production By 5-7% In Early 2023

OIL

Despite Thursday's dip, Brent crude is tracking +3.36% higher for the week, a similar gain to last week. We last tracked near $81.65/bbl, close to the 20-day EMA at $82.06/bbl, beyond that is recent highs between $83/$84/bbl. WTI is close to $78.50/bbl, and on track for a stronger gain this week, +5.72% at this stage.

  • Headlines crossed a short while ago that Russia may cut oil output by 5-7% in early 2023 in response to the price caps introduced at the start of the month. This is between 500-700k barrels per day per Bloomberg reports.
  • Supply side issues are likely to be the main focus point as we progress in the first part of 2023.
  • The drop in US oil inventories, reported earlier in the week, has been supportive, while the market remains wary of the impact of US winter storms and the potential for further supply disruptions in the near term.
Energy BulletsCommodities
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