Oil was seriously intense this week.
Brent briefly touched $110 intraday on Friday for the first time since May; WTI settled at $101.41, its highest level since September. WTI gained more than 10% for the week, driven purely by geopolitical sentiment.
A cargo ship was attacked and sank near the Strait of Hormuz, Ukraine struck a Russian oil refinery, and U.S. distillate inventories fell by 12%, with diesel supplies looking increasingly tight. On Friday, the Department of Energy even requested a loan of 17 million barrels of crude from the Strategic Petroleum Reserve.
I wouldn’t dare chase a rally driven purely by a risk premium like this. Some are already saying prices have strayed from fundamentals: Middle Eastern exports have mostly recovered, and global inventories are still comfortable. Whether the premium holds will depend on whether tensions around the Strait of Hormuz continue next week.
#原油 #MarketAnalysis
Brent briefly touched $110 intraday on Friday for the first time since May; WTI settled at $101.41, its highest level since September. WTI gained more than 10% for the week, driven purely by geopolitical sentiment.
A cargo ship was attacked and sank near the Strait of Hormuz, Ukraine struck a Russian oil refinery, and U.S. distillate inventories fell by 12%, with diesel supplies looking increasingly tight. On Friday, the Department of Energy even requested a loan of 17 million barrels of crude from the Strategic Petroleum Reserve.
I wouldn’t dare chase a rally driven purely by a risk premium like this. Some are already saying prices have strayed from fundamentals: Middle Eastern exports have mostly recovered, and global inventories are still comfortable. Whether the premium holds will depend on whether tensions around the Strait of Hormuz continue next week.
#原油 #MarketAnalysis