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Brent Testing 120$/bbl on Demand Recovery in China

OIL

Brent pushed 2$/bbl higher on Friday and continues to advance this morning up to the 120$/bbl level. WTI traded up to 116$/bbl as China and EU remain the focus.

  • Brent JUL 22 up 0.5% at 120.05$/bbl
  • WTI JUL 22 up 0.8% at 116.04$/bbl
  • Gasoil JUN 22 up 0.9% at 1179.75$/mt
  • WTI-Brent up 0.23$/bbl at -4$/bbl
  • China have made progress in easing covid lockdown restrictions. Shanghai are allowing commercial centres to re-open from June and are implementing policies to help support the economy. Elsewhere reports are that the number of cases in Beijing have declined for a week indicating the outbreak may be coming under control.
  • EU were unable to agree a deal on oil sanctions against Russia as negotiations continued ahead of the leaders’ summit in the next 2 days. They have not managed to persuade Hungary to back a deal despite compromise offers such as delaying a ban on pipeline imports on which Hungary are so reliant. EU officials have said they believe a deal is still possible.
  • Curve backwardation continues to strengthen with the front Brent spread the highest since early March ahead of the Jul contract expiry tomorrow.
  • Brent JUL 22-AUG 22 down -0.21$/bbl at 3.66$/bbl
  • Brent DEC 22-DEC 23 up 0.23$/bbl at 14.43$/bbl
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