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Crude Gains as Market Assesses US Economic Growth

OIL

Crude prices have pushed upwards through the highs from yesterday following equity markets as focus remains on the US economy and hope that talks can result in a raising of the US debt ceiling and will prevent a default.

  • Uncertainty still surrounds the future economy in China with some analysts reducing growth expectations after weaker April data while others, including IEA, still see strong oil demand growth from the country.
  • The WTI-Brent spread is closing with WTI gaining faster than Brent to recover from the small decline seen earlier this week.
    • Brent JUL 23 up 1.1% at 75.73$/bbl
    • WTI JUN 23 up 1.2% at 71.69$/bbl
    • WTI-Brent up 0.05$/bbl at -4.01$/bbl
    • Brent JUL 23-AUG 23 down -0.03$/bbl at 0.16$/bbl
    • Brent DEC 23-DEC 24 up 0.07$/bbl at 2.6$/bbl
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