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WTI Falls to New Intraday Lows

OIL

WTI has furthered its fall during US hours, having erased all of yesterday’s gains. The market is digesting the prospect of slowed or delayed interest rate cuts and possible struggles for OPEC to maintain its voluntary cuts.

  • WTI APR 24 down -2.3% at 76.78$/bbl
  • WTI APR 24-MAY 24 down -0.19$/bbl at 0.49$/bbl
  • Fed Governor Christopher Waller said Feb. 22 that policymakers should delay interest rate cuts by at least a few more months. Were this to materialise, it would likely hold back some economic activity and thus supress oil demand.
  • The return of the Al-Shalam refinery after a 10-year outage brought with it concerns that Iraq would fall further from their promised production cuts in the coming months.
  • While the market expects OPEC+ to extend its voluntary cuts beyond Q1, it is not expected to deepen the cuts.
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