Brent and WTI price trends by Srinivas Chowdary Sunkara as on 23/06/2023.
Brent oil futures prices for August delivery slipped 49 cents to $73.65 a barrel while WTI oil Aug futures are trading 54 cents down to $68.97 a barrel on Friday morning during Asian hours. Both the futures closed down around 4 pct yesterday and set to login weekly loss. Increased int rates in U.K and expected hike in U.S fed rates outweighed the support extended from stock draws and supply cuts during the week. Dated brent prices are in contango in physical markets since markets are expected more crude to come in. The spread in dated prices between July and August ended nearly flat, Down from a backwardation. The spread between August and Sep was still in a backwardation. Global petroleum inventories are well below the long term average especially for refined fuels such as diesel and gas oil. U.S rig numbers and purchased managers indexes from all over world is awaited.
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