- Brent price on a declining trend since Sep 6th peak: Easing supply concerns (Syria) and rising demand concerns (US budget)
- Trend reversal looking unlikely: Low price volatility and persistently high Open Interest for ICE Brent futures contracts
- Contrasted picture in China: Disappointing manufacturing data (PMI), high crude oil inventories vs. low refined fuel stocks
- Bearish signals overall, in line with Petrologica’s expectations, hence our previous oil price forecast for FY13 and FY14 remains broadly unchanged
by Graham Walker // 30 September, 2013
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