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Weekly Losses Pared

OIL

Brent crude is firmer in the first part of Friday dealing, last near $93.90/bbl. This is a ~0.60% gain, and puts us close to unchanged on levels at the end of last week. WTI is back to $90.35/bbl, a +0.80% gain, although this is still modestly down on last Friday closing levels ($90.77/bbl).

  • Risk appetite has stabilized somewhat in the equity space, with US futures ticking higher and HK/China markets firmer. This has likely helped oil at the margins.
  • The other focus point has been Russia's diesel and gasoline export ban. This threatens an already tight supply backdrop. However, some supply side analysts, including those from J.P. Morgan, expect the ban to be short lived.
  • The US is also pressing Iraq to re-open the Iraq-Turkey crude pipeline as soon as possible.
  • For Brent, the 20-day EMA sits back near $90.74/bbl, while recent highs rest near $96/bbl.
Energy BulletsCommodities
Energy BulletsCommodities

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