Prompt Brent futures flat price has witnessed a relatively weak afternoon period. Prices were initially stable around the $90.50/bbl mark, reaching highs of $90.71/bbl at 13:10 BST. However, since then prices slipped lower, reaching $89.56/bbl at 16:12 BST. Nonetheless, price action has moved back towards the $90/bbl mark, yet has been unable to pass once again. Vitol’s CEO Russel Hardy stated that oil at “$80 to $100 feels a sensible range” and that consumption is set to grow by 1.9mbbls/d in 2024. OPEC+ crude output rose to 41.25mbbls/d in March, as Iraq and Kazakhstan continue to exceed pledges and compliance slips further. According to the IATA, total passenger traffic in February surpassed the levels seen in Feb 2019, raising optimism in the airline industry for 2024. The front and 6-month Brent futures spreads are at $0.94/bbl and $5.12/bbl, respectively.
