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Crude Higher but Gasoil Still Negative

OIL

Crude outright and spreads higher following stronger than expected US payrolls data but Gasoil still trading lower

  • The Gasoil Dec22-Dec23 earlier reached the lowest since mid April at 80$/mt
  • The prompt Gasoil spreads is drifting towards the bottom end of the range and nearing the low from earlier in the week.
  • Gasoil spreads and crude spreads have been drifting lower in recent weeks as some supply tightness has eased amid a picture of lower oil demand concerns.
  • Crude spreads were already recovering today but are even stronger following payrolls data.
    • Brent OCT 22 up 2% at 95.99$/bbl
    • WTI SEP 22 up 1.9% at 90.25$/bbl
    • Brent OCT 22-NOV 22 up 0.13$/bbl at 1.75$/bbl
    • Brent DEC 22-DEC 23 up 0.8$/bbl at 7.92$/bbl
    • Gasoil AUG 22 down -1.5% at 993.5$/mt
    • Gasoil AUG 22-SEP 22 down -6.25$/mt at 12.75$/mt
    • Gasoil DEC 22-DEC 23 down -11.5$/mt at 88.5$/mt
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