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Why oil could soon hit $100 a barrel
Oil prices remain well supported, with ICE Brent edging closer towards US$95/bbl as the market continues to become increasingly concerned over the tightness in the oil balance for the remainder of the year. The tightness in the market is also well reflected in the structure of the forward curve. The curve is moving deeper into backwardation with the prompt Brent spread trading in a backwardation of close to US$1.20/bbl, up from just US$0.60/bbl at the start of last week. Meanwhile, the Dec’23/Dec’24 spread is also edging closer towards a backwardation of US$10/bbl. Tightening fundamentals have attracted ... (full story)
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- Posted: Sep 19, 2023 11:38am
- Submitted by:Category: Fundamental AnalysisComments: 0 / Views: 134
