“Sentiment in the oil market remains negative, and developments over the weekend in China will certainly not help,” said Warren Patterson, head of commodities strategy at ING in Singapore.
The “demand outlook will deteriorate before it gets better, said Fenglei Shi, director of Greater China oil market midstream and downstream at S&P Global Commodity Insights, citing an uptick in lockdowns. Key market metrics are signalling weaker conditions. WTI’s prompt spread – the gap between its nearest two contracts – was 17 cents a barrel in a bearish contango pattern compared with $1.29 a barrel in backwardation a month ago.
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IrishTimes Yet pump prices are outrageously high!