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Brent prices and spreads suggest the oil market is close to balance. Upside risks from low inventories and Saudi-led OPEC+ supply restraint are offset by downside risks from a slowing global economy.
A balanced market with offsetting risks implies limited near-term price direction for crude, and therefore limited pressure on energy-linked feed input costs.
reuters.comJohn KempJun 23, 2023Not 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.
