Mita Chaturvedi

Mita Chaturvedi is a Research Analyst at Onyx Capital Advisory. Prior to joining Onyx, she completed her Master's degree in Finance and Economics from the London School of Economics.

Brent strengthens to $83/bbl handles

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Overnight and Singapore Window – 14/02/2024

The Apr Brent futures contract breached past the $83/bbl handles at 18:25 GMT on Feb 13 but eased off from this level and was seen hovering around $82.85/bbl as of 10:15 GMT (time of writing) today. The WTI futures contract for the same tenor moved along a similar trajectory and is currently at $77.60/bbl. OPEC is reportedly committed to the previous month’s forecast for global oil demand in this month’s monthly report, predicting demand to rise by 2.25mbpd in 2024 and 1.85mbpd in 2025. Morgan Stanley raised its quarterly outlook for Brent prices on Tuesday to an average of $82.50/bbl across Q1’24 and Q2’24 from previous levels of $80/bbl and $77.50/bbl, respectively. API stats reported a build of 8.52mbbls in US crude inventories (against an expected build of 2.6mbbls) and a 512kbbls build in Cushing storage. However, gasoline and distillate stocks saw draws of 7.23mbbls and 4.02mbbls, respectively. Market participants will be on the lookout for EIA stats due to be released at 15:30 GMT today. Finally, the front-month and six-month Brent spreads are currently at $0.65/bbl and $3.20/bbl, respectively.

Asian Refinery Margins: Q2-24: $11.57/bbl, Cal24: $10.67/bbl
Europe Refinery Margins: Q2-24: $10.55/bbl, Cal24: $8.80/bbl

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Mita Chaturvedi is a Research Analyst at Onyx Capital Advisory. Prior to joining Onyx, she completed her Master's degree in Finance and Economics from the London School of Economics.