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Crude Eases Back After $3 Rally Yesterday

OIL

Crude is easing back with uncertainty over Russian supplies and OPEC production targets balanced against the ongoing demand worries and the stronger dollar. A draw in EIA inventories yesterday and recovery in implied product demand also added to the price support.

    • Brent NOV 22 down -1% at 88.39$/bbl
    • WTI NOV 22 down -1% at 81.31$/bbl
    • Gasoil OCT 22 down -0.3% at 1006$/mt
    • WTI-Brent up 0.09$/bbl at -7.09$/bbl
  • There have been increasing calls for OPEC+ to cut production targets at their next meeting on Oct 5 due to lower demand and falling prices.
  • EU yesterday announced a new round of sanctions against Russia including the legal basis for an oil price cap which would ban EU companies from shipping Russian oil to third countries above a set price.
    • Brent NOV 22-DEC 22 down -0.08$/bbl at 1.19$/bbl
    • Brent DEC 22-JAN 23 down -0.09$/bbl at 1.68$/bbl
    • Brent DEC 22-DEC 23 down -0.19$/bbl at 10.55$/bbl
  • Brent time spreads have been supported by the supply risks but are softer this morning in line with the flat price. Consultant FGE suggest the curve could fall into contango without OPEC+ cuts.
    • US 321 crack down -0.2$/bbl at 33.27$/bbl
    • US gasoline crack down 0$/bbl at 21.22$/bbl
    • US ULSD crack down -0.9$/bbl at 57.26$/bbl
  • Diesel cracks continue to follow crude with prices falling back this morning after rallying strongly on the back of the recovery in EIA demand yesterday. Gasoline cracks are holding on the gains having increased over 3$/bbl so far this week.
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Crude is easing back with uncertainty over Russian supplies and OPEC production targets balanced against the ongoing demand worries and the stronger dollar. A draw in EIA inventories yesterday and recovery in implied product demand also added to the price support.

    • Brent NOV 22 down -1% at 88.39$/bbl
    • WTI NOV 22 down -1% at 81.31$/bbl
    • Gasoil OCT 22 down -0.3% at 1006$/mt
    • WTI-Brent up 0.09$/bbl at -7.09$/bbl
  • There have been increasing calls for OPEC+ to cut production targets at their next meeting on Oct 5 due to lower demand and falling prices.
  • EU yesterday announced a new round of sanctions against Russia including the legal basis for an oil price cap which would ban EU companies from shipping Russian oil to third countries above a set price.
    • Brent NOV 22-DEC 22 down -0.08$/bbl at 1.19$/bbl
    • Brent DEC 22-JAN 23 down -0.09$/bbl at 1.68$/bbl
    • Brent DEC 22-DEC 23 down -0.19$/bbl at 10.55$/bbl
  • Brent time spreads have been supported by the supply risks but are softer this morning in line with the flat price. Consultant FGE suggest the curve could fall into contango without OPEC+ cuts.
    • US 321 crack down -0.2$/bbl at 33.27$/bbl
    • US gasoline crack down 0$/bbl at 21.22$/bbl
    • US ULSD crack down -0.9$/bbl at 57.26$/bbl
  • Diesel cracks continue to follow crude with prices falling back this morning after rallying strongly on the back of the recovery in EIA demand yesterday. Gasoline cracks are holding on the gains having increased over 3$/bbl so far this week.