Crude Oil Weekly Outlook: Tight Inventories Keep Bulls in Control - FOREX.com
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Crude Oil Weekly Outlook: Tight Inventories Keep Bulls in Control FOREX.com
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Crude Oil Weekly Outlook: Tight Inventories Keep Bulls in Control FOREX.com
The desk believes that September represents a critical juncture for crude oil markets as conditions shift toward reflecting a seasonal downturn in prices. Per the full note from J.P. Morgan, modest increases in OECD oil inventories have led to a flattening of both Brent and WTI oil curves, which historically signals impending bearishness. As refining margins remain significantly elevated despite some easing, the desk highlights that these developments might induce a reevaluation of oil market dynamics in the coming months. Maintaining awareness of inventory trends will be crucial as we move closer to the year's end, especially with no high-impact events on the calendar to disrupt this trajectory.