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Crude Drifts Back Down ahead of US CPI and EIA Stock Data

OIL

Crude drifts back negative on the day with spreads holding steady after recent gains as tighter supplies are weighed against economic demand concerns ahead of the upcoming US CPI data.

  • US crude inventory draws in recent weeks have been supportive with a very small draw expected is data due later today according to a Blomberg survey although API data last night suggested a build.
  • The WTI-Brent front month spread is slightly narrower up to -4.62$/bbl having held around -4.7$/bbl for most of the last week.
    • Brent SEP 23 down -0.1% at 79.36$/bbl
    • WTI AUG 23 up 0.1% at 74.88$/bbl
    • WTI-Brent up 0.08$/bbl at -4.62$/bbl
    • Brent SEP 23-OCT 23 up 0.03$/bbl at 0.36$/bbl
    • Brent DEC 23-DEC 24 down -0.03$/bbl at 3.76$/bbl
    • WTI AUG 23-SEP 23 up 0.03$/bbl at 0.15$/bbl
    • WTI DEC 23-DEC 24 up 0.03$/bbl at 4.06$/bbl
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