Note: This article was first published to HFI Research subscriber. This is part of our new Oil market Fundamental daily report.
Oil prices are pulling back slightly today with Brent underperforming WTI and narrowing the Brent-WTI spread. The move today appears to be speculators dumping long positions going into the OPEC+ JMMC meeting. In the case of surprises, speculators are taking the cautionary stance of being on the sidelines. While, on the macro front, it appears the China/US trade war is heating up leading to lower risk appetite for those betting on oil prices.
But,