Oil futures trade slightly higher, attempting a bounce after a sharp, three-day losing streak tied in part to worries over the spread of the delta variant of...
Oil futures traded slightly higher Thursday morning, attempting a bounce after a sharp, three-day losing streak tied in part to worries that the spread of the delta variant of the coronavirus that causes COVID-19 may impact energy demand.
“A surge in coronavirus cases caused by the delta variant is forcing several countries around the world to impose new lockdowns, a scenario that is likely to negatively impact fuel demand,” said Ricardo Evangelista, senior analyst at ActivTrades, in a note. “There is very little reason for refiners outside of the America’s to buy U.S. barrels when Brent is only trading at a $1.16 premium to WTI,” he said. “When the arb is that tight, a refiner in the Amsterdam/Rotterdam/Antwerp refining hub will lose money by chartering a tanker and sailing it all the way to the U.S. Gulf Coast and back…they basically get beat on storage and transportation…cost of carry.
The export situation should reverse and rally back to the 2 million to 3 million barrel range in coming weeks as the Brent/WTI has rallied back to levels as wide as -$2.95 on July 27, Yawger said.
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