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Tracking Lower Amid Positive Supply Signs, Key Oil Reports Due This Week

OIL

Brent crude (K4) sits just up off session lows, last near $81.60/bbl. We are down 0.60% for Monday trading so far, after a 1.06% fall on Friday. Earlier lows were at $81.35. For WTI (J4), we are down 0.65%, last near $77.50/bbl.

  • Demand concerns from both China and the US appear to be near term headwinds in the space. Rising supply is being cited. The OPEC+ alliance pumped 41.21mbpd of oil in February, unchanged in the month. Several members such as Iraq and Kazakhstan continued exceeding their quotas: Platts.
  • Iran's oil exports have also reached their highest levels since 2018 (BBG).
  • Note though US oil and gas rigs fell by seven on the week to 622, according to Baker Hughes March 8. Oil rigs were down 2 to 504.
  • This week we have a number of reports will be in focus, including OPEC's monthly report on Tuesday, the IEA releases its outlook on Thursday. The US EIA is also releasing its short term outlook this week.
  • For Brent, we are close to lows for March to date. Support is likely to evident on any further pull backs towards $80/bbl. Recent highs rest at $84.34 (from Mar 1).
Energy BulletsCommodities
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