Oil has a solid ‘snapback’ – London Business News | Londonlovesbusiness.com

After WTI crude fell to $72.50 we saw a solid snapback in crude and price now finds itself back to the former consolidation range seen throughout May ($80.60 to $76.15).

Inventories are higher than we’d like and we’d ideally like a consistent drawer in the weekly DoE data – we also still have an overhang that OPEC+ will pump out increased barrels from October – but what does inspire is that there is a deficit in total liquids and improved demand seems to be getting the greater focus for now, which does offer some confidence that we can push above $80 and perhaps hold for a new range.

It’s a trader’s market right now, but these traders must be open-minded as trends don’t last long, and the ability to be agile and nimble will serve us well