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Crude Higher As Market Waits for Price Cap Details

OIL

Crude extends the recovery supported by a weaker US dollar and OPEC commitment to production targets as the market waits for details of the G7 price cap on Russia oil.

  • Some Chinese buyers have paused Russian crude purchases waiting for clarity over the oil price cap details according to Bloomberg sources. State-owned oil refiners are concerned about their ability to make payments for Russia supplies as well as shipping availability, logistics and insurance.
  • Under G7 plans from Dec 5, transactions involving banks, insurance and shipowners from the EU will be banned unless involving cargoes purchased below a yet to be decided price cap. Further details of the price cap may be announced as soon as tomorrow.
    • Brent JAN 23 up 1.4% at 88.66$/bbl
    • WTI JAN 23 up 1.3% at 81.1$/bbl
    • Brent JAN 23-FEB 23 up 0.22$/bbl at 0.58$/bbl
    • Brent JUN 23-DEC 23 up 0.19$/bbl at 3.41$/bbl
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Crude extends the recovery supported by a weaker US dollar and OPEC commitment to production targets as the market waits for details of the G7 price cap on Russia oil.

  • Some Chinese buyers have paused Russian crude purchases waiting for clarity over the oil price cap details according to Bloomberg sources. State-owned oil refiners are concerned about their ability to make payments for Russia supplies as well as shipping availability, logistics and insurance.
  • Under G7 plans from Dec 5, transactions involving banks, insurance and shipowners from the EU will be banned unless involving cargoes purchased below a yet to be decided price cap. Further details of the price cap may be announced as soon as tomorrow.
    • Brent JAN 23 up 1.4% at 88.66$/bbl
    • WTI JAN 23 up 1.3% at 81.1$/bbl
    • Brent JAN 23-FEB 23 up 0.22$/bbl at 0.58$/bbl
    • Brent JUN 23-DEC 23 up 0.19$/bbl at 3.41$/bbl