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By: Harry Altham, Energy Analyst, Market Analysis EMEA & Asia
Brent has encountered technical resistance at the 200 day moving average for the second time this month, with spot prices edging down by $1/bbl as the market waits to take its signal from the forthcoming OPEC+ policy meeting and weekly DOE data. Ahead of the weekly release, the market brushed off last night’s huge 9.1M bbd U.S. crude build in data from the American Petroleum Institute, with today’s events among the most eagerly anticipated in the market for several weeks.
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WTI and Brent crude are moving to different beats as a possible U.S. Iran deal reshapes the oil market. The two benchmarks are pricing Strait of Hormuz risk in their own ways, and the gap between them says a lot about where crude goes next.
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