Despite the declining pressure on Oil prices During most of last week, the market has still been able to achieve a small gain with ICE BRNT stabilizing by 0.11 % per week. However, it has weakened the spread of time dramatically since its peak in January, indicating that the distress in the material market relieves. Although Brent’s rapid widespread spread is still backward, the spread of NYMEX WTI has turned into a small Contango, where COMMODITY analysts are noticed in ing Warren Patterson and Ewa Manthey.
Possible restart in oil exports from the Iraqi Kurdistan region
“The pressure on the flat price continued this morning with suggestions that the export of oil from the Kurdistan region in Iraq could resume in March, which could see exports of about 300 kb/d through the Sihan pipeline. The flows were stopped in early 2023 yet A conflict of payment between Iraq and Turkey. “
“However, this is not the first time that we have heard suggestions that exports can restart them. In addition, if the flows will resume them, this will complicate the problems about the Iraqi output and its compliance with the production goals under the OPEC+deal.”
“GPS data shows that speculators are relatively more than the oil market. The money managed is long in NYMEX Wti It decreased by 18,303 pieces Wow to 122237 pieces from last Tuesday. This step was more paid than new shorts entering the market more than Longs Livishating. Meanwhile, there was no slight change in the ICE BRNT speculation, with a long network reduced by only 569 pieces to 289154 pieces. “
2025-02-17 10:24:18