The Jun Brent futures contract corrected to below $90/bbl over the afternoon, falling to $89.55/bbl around 17:00 BST where it found support and rallied to $89.90/bbl at 17:25 BST. A Hamas official has reportedly said that no progress was made at a new round of Gaza ceasefire talks in Cairo. In other news, Sebastian Barrack, the head of commodities at hedge fund Citadel, stated that global oil markets are on track to be “extremely tight” in 2H’24 with prices rising to a level that may constrain demand unless OPEC loosens supply. In the US, despite high crude oil prices, a weak natural gas market is keeping shale drillers from big output increases, as per a report by Reuters. Finally, the front-month and six-month Brent spreads are currently at $0.94/bbl and $5.18/bbl, respectively.
