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Free AccessCrude Higher on Speculation of Demand Boost from China
Crude rallies to the highest on the week as Asian market are boosted by speculation that China may look to ease some covid restrictions soon. Weak Chinese growth has limited their oil demand during 2022 and any recovery could add to the already tight global supplies.
- Brent JAN 23 up 2% at 96.6$/bbl
- WTI DEC 22 up 2.3% at 90.16$/bbl
- Gasoil NOV 22 up 0.8% at 1115.75$/mt
- WTI-Brent unchanged at -7.49$/bbl
- Crude markets had been struggling with economic concerns limiting market upside after more central back tightening from Fed and BOE this week.
- The longer dated time spreads are following the rally in flat price crude with any potential strong oil demand from China adding to the tight supplies and limited spare capacity into next year. The Jun-Dec spread is testing the highest level reached since early July.
- Brent JAN 23-FEB 23 up 0.02$/bbl at 1.62$/bbl
- Brent JUN 23-DEC 23 up 0.24$/bbl at 4.4$/bbl
- Brent DEC 23-DEC 24 up 0.34$/bbl at 5.89$/bbl
- Concern for Russian supplies of crude and refined products following EU sanctions are giving wider market support. The G7 price cap on Russian crude looks set to be a fixed price but it is not yet clear at what level.
- Low stocks and, limited supplies continue to support diesel and gasoline cracks spreads despite current low gasoline demand and recession fears feeding lower oil demand growth.
- US gasoline crack up 0.1$/bbl at 25.04$/bbl
- US ULSD crack up 0.3$/bbl at 74.48$/bbl
To read the full story
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Please enter your details below.
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.