Crude Higher but Gasoil Still Negative

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