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Brent crude traded near $104.28 a barrel early in Asia on Tuesday, up almost 9% from the August 22 close, before a fresh Saudi intervention. The report contrasts this rally with a softer physical market, where Asian demand, the top importing region, is weaker.
A gap between futures and physical demand suggests the price rally may be fragile, which could reverse and lower energy costs that feed through to freight and processing. Saudi verbal support for prices adds upside risk in the near term.
reuters.comClyde RussellAug 30, 2022Not 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.
