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Crude Edges Up Towards Previous Close in Thin US Holiday Trading

OIL

Crude has edged back up towards flat on the day in thin trading with the US holiday today.

  • Focus remains on the recent weak economic growth data from China and the potential plans for stimulus measures which would support future demand.
  • OPEC production cuts, strong recent demand in India and US SPR refill plans are supportive while potential further US Fed interest rate rises due to persistent inflation could limit US demand.
  • The crude times have also rallied back to positive on the day with the Aug-Sep Brent and WTI spreads holding just in backwardation.
    • Brent AUG 23 down -0.3% at 76.36$/bbl
    • WTI AUG 23 down -0.4% at 71.65$/bbl
    • WTI-Brent down -0.05$/bbl at -4.7$/bbl
    • Brent AUG 23-SEP 23 unchanged at 0.03$/bbl
    • Brent DEC 23-DEC 24 unchanged at 3.18$/bbl
    • WTI AUG 23-SEP 23 up 0.03$/bbl at 0.04$/bbl
    • WTI DEC 23-DEC 24 down -0.04$/bbl at 3.37$/bbl
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