The oil complex is trying to nudge higher in early trade after Tuesday’s heavy sell-off caused prices to slump by around 8% and hit lows last seen over four months ago, despite tight supply conditions. Get your market update from nickcawley1 here:
The oil complex is trying to nudge higher in early trade after Tuesday’s heavy sell-off caused prices to slump by around 8% and hit lows last seen over four months ago, despite tight supply conditions. The push-and-pull between supply and demand is expected to continue over the coming months, leaving oil at risk of further volatility.
A look at Brent Crude futures shows that the market remains in backwardation, where front-month oil contracts trade at higher prices than longer-dated contracts. According to ICE Europe data, the September Brent future is trading at $100.28/bbl. the November contract is at $96.90, while the December contract currently changes hands at $94.37. This backwardation is due to supply concerns triggered by sanctions on Russia after they invaded Ukraine.
Later today, the U.S. Bureau of Labour Statistics will release its monthly inflation data. The June headline inflation reading y/y is expected to rise to 8.8% from 8.6% in May, while the core reading is seen falling to 5.7% from 6.0%. Today’s data will give traders a better read of US price pressures and will likely fuel further debate about how the Federal Reserve will act in the coming months.
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