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Crude Extends Gains on Tight Supply and Possible Easing of China Restrictions

OIL

Crude extends gains on the potential for the easing of quarantine restrictions in China and tight supply concerns.

  • The prompt Brent spread has risen to the highest since July on concerns for future Russia supplies and with OPEC+ cuts in November and December. Downside pressure continues due to the economic slowdown concerns.
  • US yesterday announced the release of the last 15mbbls from the planned SPR reserves but has not yet announced any further releases or product export restrictions. The US also plans to restock the SPR at or below about $67-$72/bbl with fixed price contracts for future delivery in 2024 or 2025.
    • Brent DEC 22 up 2.1% at 94.34$/bbl
    • WTI DEC 22 up 2.6% at 86.75$/bbl
    • WTI-Brent down -0.05$/bbl at -7.6$/bbl
    • Brent DEC 22-JAN 23 up 0.23$/bbl at 2.08$/bbl
    • Brent JAN 23-FEB 23 up 0.18$/bbl at 1.89$/bbl
    • Brent DEC 22-DEC 23 up 1.17$/bbl at 12.63$/bbl
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