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The Commodities Feed: Sentiment weakens
Oil came under significant pressure yesterday with ICE Brent settling 3.35% lower on the day. The Saudi cut in official selling prices for February loadings would have done little to help sentiment with the reductions suggesting a softer market. If weakness persists it is difficult to see how OPEC+ would be able to make more meaningful output reductions, given the scale of their cuts already. What we are more likely to see if a rollover of current voluntary cuts into 2Q24 in order to erode the surplus expected next quarter. Natural gas prices also saw plenty of weakness yesterday. TTF fell 8.44% yesterday and this is ... (full story)