Little Changed In Asia

WTI and Brent are a handful of cents below neutral levels at writing. A downtick in U.S. e-mini equity futures applied some weight to crude in Asia-Pac dealing, although both contracts operated comfortably above their respective Wednesday’s troughs.

• While geopolitical fears surrounding Russia & Iran have pulled back from their recent extremes (applying some pressure to crude in recent sessions), ultimate solutions to those matters are still not forthcoming.
• As a reminder, Wednesday’s U.S. DOE crude inventory data revealed a “surprise” ~4.8mn bbl drawdown in headline crude stocks, as U.S. crude stockpiles hit the lowest level witnessed since 2018
• Recent session lows provide technical support ($88.41 in WTI & $89.93 in Brent), while resistance is located WTI’s Jan 4 high ($93.17) and Brent’s Feb 7 high ($94.00).