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Crude Extends Gains on China Optimism and OPEC Speculation

OIL

Crude futures and time spreads extend gains with more optimism from China and with the possibility that lower prices and demand will promote a reaction from OPEC.

  • Plans in China to increase covid vaccinations for seniors has increased speculation that China will ease covid restrictions therefore boosting oil demand.
  • OPEC+ meet on Dec 4 with the group likely to either keep policy unchanged or to consider a deeper production target cut.
  • EU members have still not yet agreed on details of the Russian oil price cap. The latest discussed level of $62 is still higher than some nations would like and above the recent market price of Russian crude. A high oil price cap could help maintain supply and reduce the risk of a supply cut in retaliation from Russia.
    • Brent JAN 23 up 2.6% at 85.36$/bbl
    • WTI JAN 23 up 2.3% at 79.04$/bbl
    • Brent JAN 23-FEB 23 up 0.17$/bbl at -0.53$/bbl
    • Brent FEB 23-MAR 23 up 0.21$/bbl at 0.31$/bbl
    • Brent JUN 23-DEC 23 up 0.4$/bbl at 2.79$/bbl
    • Brent DEC 23-DEC 24 up 0.4$/bbl at 3.99$/bbl
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