Crude Eases from Earlier Gains

Crude continues to trade positive on the day but has dropped back from previous levels as the stronger US dollar and the consequence for demand given risk of future Fed rates hikes weigh against Russia’s ban diesel and gasoline export ban.

• Markets rallied during the day after The Russian government introduced a temporary ban on the export of gasoline and diesel fuel effective immediately to stabilize the domestic market according to the government’s press service.
• Brent time spreads have reversed their earlier gains with the change in the backwardation largely rangebound compared to yesterday.
• Brent NOV 23 up 0.3% at 93.85$/bbl
• WTI NOV 23 up 0.6% at 90.18$/bbl
• Gasoil OCT 23 up 3.4% at 996.5$/mt
• WTI-Brent up 0.24$/bbl at -3.66$/bbl
• WTI NOV 23-DEC 23 up 0.04$/bbl at 1.36$/bbl
• WTI DEC 23-JAN 24 up 0.02$/bbl at 1.3$/bbl