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Crude Extends Gains for a Third Day

OIL

Crude extends gains to rise for a third day supported by short term supply disruptions and a weaker US dollar after less hawkish comments than feared from US Fed Chair Powell yesterday.

  • An Iranian official said earlier today that OPEC would likely continue with the current production policy adding that oil demand will increase due to the China reopening to push prices up to 100$/bbl in 2H 2023.
  • The higher OSP prices to Asia from Saudi Arabia earlier this week and a draw in API stocks compared to expectation of a small build in EIA data due for release later were also supportive.
    • Brent APR 23 up 1% at 84.53$/bbl
    • WTI MAR 23 up 1.3% at 78.11$/bbl
    • WTI-Brent up 0.11$/bbl at -6.19$/bbl
    • Brent APR 23-MAY 23 up 0.05$/bbl at 0.37$/bbl
    • Brent JUN 23-DEC 23 up 0.13$/bbl at 2.89$/bbl
Energy BulletsCommodities
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