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Brent Higher with Prompt Spread Near Record High

OIL

Crude pushing higher following modest gains yesterday as the prompt Brent spreads maintains at record levels.

  • Global oil demand concerns have weighed on crude prices with the next US Fed interest rate hike expected on Wednesday but a slight pick up in financial markets and weaker dollar provided some support yesterday.
    • Brent SEP 22 up 1.6% at 106.81$/bbl
    • WTI SEP 22 up 1.6% at 98.22$/bbl
    • Gasoil AUG 22 up 1.2% at 1068$/mt
    • WTI-Brent down -0.27$/bbl at -8.66$/bbl
  • Tight supply continues to drive the front of the Brent curve with the Brent 1-2 spread gaining from just over 3$/bbl to 5$/bbl over the last couple of weeks. OPEC compliance looks to be even higher this month as members struggle to meet quota targets although retuning Libyan supply will help to ease some supply concerns.
    • Brent SEP 22-OCT 22 unchanged at 4.96$/bbl
    • Brent DEC 22-DEC 23 up 0.36$/bbl at 9.73$/bbl
  • Diesel crack spreads remained steady yesterday with the US spread stable just below 50$/bbl for the last week. Gasoline cracks are following the slow tick up in outright crude as lower pump prices in the US could help to support the end of the summer driving season demand.
    • US 321 crack up 1.1$/bbl at 40.04$/bbl
    • US gasoline crack up 1.4$/bbl at 35.58$/bbl
    • US ULSD crack up 0.4$/bbl at 48.97$/bbl
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Crude pushing higher following modest gains yesterday as the prompt Brent spreads maintains at record levels.

  • Global oil demand concerns have weighed on crude prices with the next US Fed interest rate hike expected on Wednesday but a slight pick up in financial markets and weaker dollar provided some support yesterday.
    • Brent SEP 22 up 1.6% at 106.81$/bbl
    • WTI SEP 22 up 1.6% at 98.22$/bbl
    • Gasoil AUG 22 up 1.2% at 1068$/mt
    • WTI-Brent down -0.27$/bbl at -8.66$/bbl
  • Tight supply continues to drive the front of the Brent curve with the Brent 1-2 spread gaining from just over 3$/bbl to 5$/bbl over the last couple of weeks. OPEC compliance looks to be even higher this month as members struggle to meet quota targets although retuning Libyan supply will help to ease some supply concerns.
    • Brent SEP 22-OCT 22 unchanged at 4.96$/bbl
    • Brent DEC 22-DEC 23 up 0.36$/bbl at 9.73$/bbl
  • Diesel crack spreads remained steady yesterday with the US spread stable just below 50$/bbl for the last week. Gasoline cracks are following the slow tick up in outright crude as lower pump prices in the US could help to support the end of the summer driving season demand.
    • US 321 crack up 1.1$/bbl at 40.04$/bbl
    • US gasoline crack up 1.4$/bbl at 35.58$/bbl
    • US ULSD crack up 0.4$/bbl at 48.97$/bbl