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Brent crude held near $85 a barrel, but speculators have pulled back from long positions amid concern over a slowing Chinese economy and ample non-OPEC supply. Brent briefly topped $88 on August 10 before sliding below $82 on August 23.
Reduced speculative buying limits upside for crude, though physical prices remain firmer than futures, pointing to a market that is tight but capped.
energyintel.comAuthor John van Schaik, New York Editor Paul MerolliAug 31, 2023Not enough comparable past events yet for a historical read.
Not enough comparable past events yet for a historical read.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
