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WTI Heading for Highest Close Since April 29

OIL

WTI is back near its intraday high, putting it on course for its highest close since April 29.

  • Brent AUG 24 up 0.7% at 85.66$/bbl
  • WTI JUL 24 up 0.8% at 82.25$/bbl
  • US crude stocks showed an expected draw in US in the latest EIA weekly petroleum inventory data, down 2.547m bbl on the week.
  • A squeeze in OPEC+ supply over Q3 due to the voluntary output cut extension remains supportive for prices.
  • The market is also keeping an eye on developments in the Middle East, with rhetoric between Israel and Hezbollah in Lebanon becoming more bellicose.
  • While the ongoing war in Gaza since October, coupled with disrupted flows in the Red Sea boosted the geopolitical risk premium on oil, the lack of any tangible impact to supply had eased fears.
  • However, any escalation between Israel and Hezbollah would risk involving Iran and widening the conflict.
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