All eyes on China
21 November 2024
Time to read: minutes
Commentary summary:
- All told there is less temptation to be short crude with risks mounting against sanctioned crude barrels.
- Light sweet and medium-heavy crude still divergent; there is too much of the latter and presumably the two will converge at some stage.
- WTI may need to price higher globally with commercial stocks low and drawing.
- North Sea did correct a little but now may look balanced given risks ahead.
ICE Brent time-spreads trended a little weaker towards the end of last week while CFDs also began to cool. Geopolitics holds increasing sway over the market with escalation in Ukraine and the global threat of US tariffs and sanctions continuing to escalate over the last week.
Sparta Market Outlook - Free Trial
Sparta’s Market Commentary is exclusively available within the Sparta Market Outlook app. To access a 21 day free trial of Sparta Market Outlook, please click the link below.
Market commentaries will be moving permanently into the Sparta Platform, alongside several new and exciting knowledge and insight features.
Similar articles
Book a demo to see how Sparta enables you to trade with conviction
