Summary

• The oil market sold off in early morning trading in Asia, with Brent down around 5% at the time of writing and trading back below $100/bbl.
• The latest positioning data shows that speculators reduced their net long in ICE Brent by 10,517 lots over the last reporting week, to 335,288 lots as of last Tuesday.
• European natural gas prices are also under renewed pressure amid the progress in talks between the US and Iran. TTF is trading 6% lower at the time of writing, with prices back below EUR46/MWh.

By Warren Patterson, Head of Commodities Strategy

The oil market is trading lower at the start of the week, with signs of a deal between the US and Iran increasing

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