- Oil falls to lowest in nearly three months amid concerns over tightening monetary policy and SVB failure
- April ’23 WTI lost $3.76 this morning to trade around $73/Bbl
- Brent falls below $80/Bbl for the first time since early February
- Crude, along with other assets, are under pressure this morning following last week’s collapse of Silicon Valley Bank
- Crude remains under pressure following Fed Chair Powell’s remarks last week with expectations for higher-than-expected rate hikes
- Saudi Aramco is cautiously optimistic that the oil market will remain tightly balanced in the short to medium term (Reuters)
- Aramco projects that consumption will likely reach a record 102 MMBbl/d by the end of 2023 as the market focuses on Chinese demand recovery
- Amin Nasser, CEO of Aramco, said spare capacity remained tight at 2 MMBbl/d and that rising demand for jet fuel coincided with China's reopening
- Nasser cautioned that he still did not see enough investment going into the sector to meet demand over the long term and that if that trend persisted, supply would not be sufficient in the mid-to-long-term