May 13, 2022 06:34 GMT
Oil ticking back up again to 108.74$/bbl after falling as low as 101.60$/bbl earlier this week. Lockdown restrictions in China and global economic growth concerns continue to be weighed against Russia supply reductions and missing OPEC+ supply.
- Brent JUL 22 up 1.2% at 108.74$/bbl
- WTI JUN 22 up 1% at 107.15$/bbl
- Gasoil JUN 22 up 1% at 1084.25$/mt
- EU has still not been able to persuade Hungary to agree to their proposed ban on Russian oil by the end of the year despite offering more time to comply. They are still hoping to reach an agreement on the sanctions by Monday.
- Oil products remain strong with US crack spreads reaching new highs again this morning. EIA data showed more inventory draws this week on low imports and high exports. IEA and OPEC reports forecast a slight increase in refinery throughputs but both reports still suggest the tight balance will continue.
- The crude curve structure remains backwardated with spreads following the flat price higher. Brent JUL 22-AUG 22 up 0.04$/bbl at 1.5$/bbl and Brent DEC 22-DEC 23 up 0.58$/bbl at 11.65$/bbl