Vincent Wu

Vincent Wu is a Research Associate at Onyx Advisory. He specialises in analysing financial flows across the crude oil and refined products markets, and provides regular market commentary on social media platforms. Vincent holds an undergraduate degree in Geography from UCL and a masters degree in Local Economic Development from LSE.

Brent crude trading below $83/bbl on Monday morning

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View of the pumpjack in the oil well of the oil field. The arrangement is commonly used for onshore wells producing little oil. Pumpjacks are common in oil-rich areas.

Crude flat price has been trading a touch below $83/bbl levels on Monday morning, trading at $82.68/bbl at 10:30 GMT.

Price action has been well supported amid persistent geopolitical tensions surrounding the Red Sea. On the other hand, slowing demand forecasts from the IEA as well as a higher-than-expected increase in US producer price index numbers in January amid strong gains in the costs of services could amplify inflation concerns, and therefore a bearish factor. Analysts have noted that OPEC’s spare capacity currently sits at an 8-year high of 6.4mbpd, providing a buffer against potential supply disruptions. Houthi militants in Yemen said on Monday they had attacked the Rubymar cargo ship in the Gulf of Aden. The cargo ship is Belize-flagged, British-registered and Lebanese-operated. Singapore plans to introduce a levy on air fares to pay for sustainable aviation fuel.

The front- and 6-month Brent futures spreads are at $0.69/bbl and $3.40/bbl respectively.

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Vincent Wu is a Research Associate at Onyx Advisory. He specialises in analysing financial flows across the crude oil and refined products markets, and provides regular market commentary on social media platforms. Vincent holds an undergraduate degree in Geography from UCL and a masters degree in Local Economic Development from LSE.