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Crude and Products Fall on Demand Concerns

OIL

Global oil demand concerns drive refined product margins and crude lower.

  • The fall in crude today has offset the increase seen yesterday after reports of an easing to some covid restrictions in China. The future oil demand from China remains unclear as they continue with their Covid Zero policy. Reports today suggest a possible increase in product export quotas which could support crude demand and increase the supply of products to the global market.
  • Central bank tightening on the back of high inflation continues to weigh on the oil market as data already shows weak oil product demand. Data from EIA, OPIS and GasBuddy has shown gasoline demand below expected levels over the summer, but data is now also showing weakness in middle distillates.
    • Brent NOV 22 down -1.6% at 92.55$/bbl
    • WTI OCT 22 down -1.6% at 87.08$/bbl
    • Gasoil OCT 22 down -5.1% at 941$/mt
    • WTI-Brent up 0.07$/bbl at -5.91$/bbl
    • US 321 crack down -2.6$/bbl at 26.73$/bbl
    • US gasoline crack down -2.3$/bbl at 15.3$/bbl
    • US ULSD crack down -4.1$/bbl at 49.15$/bbl
Energy BulletsCommodities
Energy BulletsCommodities

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