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Crude Higher on Supply Risks and Chinese Demand

OIL

Crude pushing higher on Russia supply concerns and potential extra demand from China.

  • Several Chinese refiners are suggesting an increase in run rates in October with China considering up to 15m tons of additional refined product export quotas.
  • Time spreads are holding steady with longer dated spreads edging higher this week while the prompt spreads ease lower.
    • Brent NOV 22 up 1.7% at 91.38$/bbl
    • WTI NOV 22 up 1.8% at 84.45$/bbl
    • WTI-Brent down -0.06$/bbl at -6.93$/bbl
    • Brent NOV 22-DEC 22 down -0.05$/bbl at 0.98$/bbl
    • Brent DEC 22-JAN 23 down -0.02$/bbl at 1.47$/bbl
    • Brent DEC 22-DEC 23 up 0.08$/bbl at 10.2$/bbl

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