The October Brent Futures contract has seen a mixed afternoon, initially rangebound between $66.35/bbl and $66.70/bbl before selling off post EIA stats release down to $66.18/bbl at 4 pm BST and subsequently rallying back up to $66.75/bbl at the time of writing (17:30 BST). In headlines, South Korea is urging its petrochemicals industry to cut excess capacity and restructure as a global glut has depressed margins, with Asian producers squeezed by China’s cheaper, fast-growing output and European firms hurt by high energy costs. The government said the country’s 10 largest companies will slash naphtha-cracking capacity by up to 25%, curbing production of ethylene, propylene, and other key plastics feedstocks. In other news, global oil demand rebounded in June, rising 1.23mb/d from May, as highlighted in JODI data on Wednesday, the rise was driven mainly by the US, with smaller gains in Canada, Italy, the UK, and South Korea, while supply growth lagged, leaving inventories below the five-year average. At the time of writing, the front (Oct/Nov) and 6-month (Oct/Apr) Brent Futures spreads are at $0.50/bbl and $1.26/bbl. Download report
Sumber: https://www.flux.live/news/crude/european-window-brent-bounces-back-to-66-75-bbl/
