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Brent and Spreads Continue to Slide

OIL

Crude continues to fall carrying on from yesterday on weaker than expected Chinese data followed by hope for an Iranian nuclear deal and bearish economic data from the US. Concerns for global oil growth and easing supply tightness have been pushing Brent front month down from a peak of about 123.5$/bbl in mid June.

  • Iran last night responded to the EU proposal for a nuclear deal with a reply expected later this week. Iran yesterday said an agreement could be reached within days “if the US shows a realistic approach and flexibility”.
    • Brent OCT 22 down -1% at 94.15$/bbl
    • WTI SEP 22 down -0.7% at 88.78$/bbl
    • Gasoil SEP 22 down -0.5% at 1017$/mt
    • WTI-Brent up 0.12$/bbl at -5.94$/bbl
  • Sentiment of an easing to crude supplies continues to feed time spreads which continue to slide. The prompt WTI and Brent spreads are both the lowest since April and after peaking in July. Brent 1-2 has fallen from 3.41$/bbl and WTI 1-2 from 3.53$/bbl in early July. OPEC members are trying to increase production with Libya hoping for more political stability, Nigeria attempting to combat oil theft and a chance of an Iran nuclear deal increasing the prospect of more Iran barrels on the market.
    • Brent OCT 22-NOV 22 down -0.18$/bbl at 0.64$/bbl
    • Brent DEC 22-DEC 23 down -0.26$/bbl at 6.74$/bbl
  • Diesel crack spreads are holding steady after recovering ground over the last week while gasoline cracks are following crude and drifting lower this morning.
    • US gasoline crack down -0.8$/bbl at 34.28$/bbl
    • US ULSD crack up 0.2$/bbl at 55.9$/bbl
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Crude continues to fall carrying on from yesterday on weaker than expected Chinese data followed by hope for an Iranian nuclear deal and bearish economic data from the US. Concerns for global oil growth and easing supply tightness have been pushing Brent front month down from a peak of about 123.5$/bbl in mid June.

  • Iran last night responded to the EU proposal for a nuclear deal with a reply expected later this week. Iran yesterday said an agreement could be reached within days “if the US shows a realistic approach and flexibility”.
    • Brent OCT 22 down -1% at 94.15$/bbl
    • WTI SEP 22 down -0.7% at 88.78$/bbl
    • Gasoil SEP 22 down -0.5% at 1017$/mt
    • WTI-Brent up 0.12$/bbl at -5.94$/bbl
  • Sentiment of an easing to crude supplies continues to feed time spreads which continue to slide. The prompt WTI and Brent spreads are both the lowest since April and after peaking in July. Brent 1-2 has fallen from 3.41$/bbl and WTI 1-2 from 3.53$/bbl in early July. OPEC members are trying to increase production with Libya hoping for more political stability, Nigeria attempting to combat oil theft and a chance of an Iran nuclear deal increasing the prospect of more Iran barrels on the market.
    • Brent OCT 22-NOV 22 down -0.18$/bbl at 0.64$/bbl
    • Brent DEC 22-DEC 23 down -0.26$/bbl at 6.74$/bbl
  • Diesel crack spreads are holding steady after recovering ground over the last week while gasoline cracks are following crude and drifting lower this morning.
    • US gasoline crack down -0.8$/bbl at 34.28$/bbl
    • US ULSD crack up 0.2$/bbl at 55.9$/bbl