Mixed picture for crude prices

After a strong start, Brent prices turned slightly negative on Tuesday afternoon and touched an intraday low at $104.53/b, pressured by a stronger USD following Lael Brainard’s statement (see Macro comment) and renewed concerns over the impact on China’s crude oil demand of an extended COVID lockdown in Shanghai (confirmed by a dwindling services PMI index in March, see Macro comment). But concerns over a new sanction package covering Russian oil exports limited losses overall.

On the agenda today, the release of the weekly US EIA crude stock report could be a market mover notably if US crude production continues to increase after its 0.1 Mbd increment last week. API weekly figures showed a small increase in US crude stocks overnight, while gasoline inventories dropped further. News on potential additional sanctions against Russia could also play a role.

Share this news :

You might also read :

ES-gas
February 26, 2021

Lower prices in Europe and in Asia

With unchanged fundamentals, European gas prices weakened yesterday, pressured by technical selling. The additional drop in Asia JKM prices and the drop in parity prices…
ES-economy
March 16, 2022

FED day

Stagflationary risks continued to cloud the European economic horizon on Tuesday with growing concerns over the impact of a potential ECB monetary policy tightening on the…
Join EnergyScan

Get more analysis and data with our Premium subscription

Ask for a free trial here

Don’t have an account yet? 

[booked-calendar]