MNI China Daily Summary: Friday, February 3

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Crude Extends Decline on Demand Concerns

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Crude decline continues on global demand concerns and no demand recovery expected from China yet. US inflation data later may provide guidance as to future Fed rate decisions.

  • Longer dated time spreads are following the move lower but prompt spreads remain supported by supply uncertainty.
    • Brent JAN 23 down -0.9% at 91.77$/bbl
    • WTI DEC 22 down -1.2% at 84.78$/bbl
    • WTI-Brent down -0.23$/bbl at -7.81$/bbl
    • Brent JAN 23-FEB 23 up 0.02$/bbl at 1.46$/bbl
    • Brent FEB 23-MAR 23 down -0.01$/bbl at 1.29$/bbl
    • Brent JUN 23-DEC 23 down -0.06$/bbl at 4.09$/bbl
    • Brent DEC 23-DEC 24 down -0.22$/bbl at 5.13$/bbl
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Crude decline continues on global demand concerns and no demand recovery expected from China yet. US inflation data later may provide guidance as to future Fed rate decisions.

  • Longer dated time spreads are following the move lower but prompt spreads remain supported by supply uncertainty.
    • Brent JAN 23 down -0.9% at 91.77$/bbl
    • WTI DEC 22 down -1.2% at 84.78$/bbl
    • WTI-Brent down -0.23$/bbl at -7.81$/bbl
    • Brent JAN 23-FEB 23 up 0.02$/bbl at 1.46$/bbl
    • Brent FEB 23-MAR 23 down -0.01$/bbl at 1.29$/bbl
    • Brent JUN 23-DEC 23 down -0.06$/bbl at 4.09$/bbl
    • Brent DEC 23-DEC 24 down -0.22$/bbl at 5.13$/bbl