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Crude Edges Positive on the Day After IEA Raise 2023 Oil Demand Forecast

OIL

Crude oil edges back positive on the day after IEA earlier revised up its global oil demand forecast for this year to 102.2mbpd.

  • OPEC yesterday kept its global oil demand forecast stable for this year at 102mbpd but showed a supply deficit of more than 2mbpd in Q3.
  • The market continues to assess the impact of tighter supplies from OPEC+ supply cuts, recent tensions in the Black Sea as well as US and China economic uncertainties.
  • Time spreads are also edging back up with the curve backwardation still strong despite a pull back yesterday.
    • Brent OCT 23 up 0.4% at 86.75$/bbl
    • WTI SEP 23 up 0.4% at 83.13$/bbl
    • WTI-Brent down -0.09$/bbl at -4.14$/bbl
    • Brent OCT 23-NOV 23 up 0.05$/bbl at 0.61$/bbl
    • Brent DEC 23-DEC 24 up 0.03$/bbl at 5.01$/bbl
    • WTI SEP 23-OCT 23 unchanged at 0.53$/bbl
    • WTI DEC 23-DEC 24 up 0.04$/bbl at 5.51$/bbl

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