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Strategies & Market Trends : Dino's Bar & Grill
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To: Goose94 who wrote (120230)2/15/2022 1:33:42 PM
From: Goose94Read Replies (1) of 203329
 
Crude Oil: WTI/Brent Fall Back But Bullish Sentiment Remains

Oil prices very nearly hit the $100 per barrel threshold on Monday as supply disruption fears spiked due to reports of Russia potentially invading Ukraine. At its peak, the backwardation in the futures market was so steep that the Brent M1-M2 spread surpassed $2 per barrel - the last time markets saw such a discrepancy between spot assessments and forwards was back in 1993. The end of Russia’s military drill next to the Ukrainian border eased concerns somewhat, nudging Brent back into the lower 90s. Yet the market is still struggling to find a good bearish story to believe in - OECD inventories remain unprecedentedly tight and OPEC+ seems reluctant to ramp up production, just as the windfall revenues started to flow in.

Oilprice.com
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