brent daily
Energy is leading the way today as the market feels better about China and the overall risk picture. Brent crude oil is leading the charge today, up around 0.6% and above $85 for the first time in a week.
In the bigger picture. there is mounting evidence that OPEC+ is serious and delivering cuts in a big way. Some numbers show global oil inventories tightening by as much as 5 million barrels per day. That’s been couple by falling US oil rig counts for weeks, even with oil around $80.
Refinery problems in the US could dampen demand for oil temporarily but after further tightening the product market. In addition, tropical storm Idalia is set to become a major hurricane, though it’s tracking towards the eastern gulf.