Brent Has Found an 'Uneasy Equilibrium,' StanChart Says

Summary

Emily Ashford, head of energy research at Standard Chartered, discusses Brent crude oil's uneasy equilibrium between $100 and $105 per barrel. She notes dampened reaction to headlines, easing premiums for North Sea grades, and expects a temporary blip followed by a return to higher physical cargo prices. She also observes jet fuel inventories above seasonal averages.

• Brent crude trading in $100-$105 range with uneasy equilibrium.
• Reaction to headlines has dampened recently.
• North Sea grade premiums easing but market still tight.
• Inventory drawdowns and reduced refinery runs noted.
• Expects physical cargo prices to rise in the future.
• Jet fuel inventories above seasonal averages.