WTI conslidates from fresh lows in a daily cycle of supply By ross_burland Oil WTI Commodities Ukraine
The supply of oil is kicking in and weighing the price into fresh lows for the week. has been pressured this week and it carved out a fresh low on Thursday for the same period at $93.84c after falling from a high of $98.80c. The price of crude oil has fallen for a second straight day on Thursday.
Meanwhile, analysts at TD Securities explained that the physical oil markets are showing signs of softening amid dual blows from significant Chinese lockdowns and a massive SPR release, but energy supply risks will likely remain elevated nonetheless. ''However,'' the analysts added, ''changes in Chinese demand pale in comparison to the persistent underproduction from OPEC+, with spare capacity split between a few 'Haves' and a larger contingent of 'Have-Nots'.''Sanctioning has been a theme in the markets this week as the EU and US announced the proposed plans that include a ban on imports of Russian coal by the EU while the US plans to ban all new investment in Russia.