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Tracking Lower, China Crude Oil Inventories Hit 2yr High

OIL

Brent crude has spent most the session on the back foot, albeit well within Thursday's volatile ranges. Dips sub $75.40/bbl have been supported, with latest moves just above this level. This puts us down 0.70% from Thursday closing levels in NY. We are also tracking lower for the week (-0.92% at this stage). WTI is tracking a similar trajectory, last around the $70.75/bbl level and slightly worst week to date, -1.37%.

  • Both Brent (low of ~$73.60 from Thursday) and WTI (low of ~$69) benchmarks remain well above intra-session lows from Thursday, when Middle East news reports of a possible US/Iran deal (which would bring fresh oil supply to the global market) sent prices sharply lower. We rebounded though as the US denied the reports.
  • Elsewhere, China's crude stockpiles reportedly hit a 2yr high in May, with expectations import demand will ease in June (see this link for more details). This will heighten demand concerns, as Saudi's supply cut hasn't been able to materially lift sentiment so far.
Energy BulletsCommodities
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