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Crude Holding Gains Ahead of EIA Stock Data

OIL

Crude holding onto gains ahead of the EIA US inventory data release.

  • Crude inventories are expected to follow a similar direction to API data from yesterday with expectation of a crude draw of -2.91mbbls for the week ending 25th November. Gasoline and diesel stocks are expected to build with gasoline up +1.74mbbls and a distillate up +1.43mbbls.
  • Optimism over Chinese demand, the risk of OPEC production cuts and uncertainty of Russia output following sanctions next week have been supporting crude markets today.
  • Brent FEB 23 up 2.9% at 86.71$/bbl
  • WTI JAN 23 up 2.8% at 80.4$/bbl
  • WTI-Brent down -0.17$/bbl at -4.97$/bbl
  • Brent FEB 23-MAR 23 up 0.05$/bbl at 0.06$/bbl
  • Brent JUN 23-DEC 23 up 0.45$/bbl at 2.82$/bbl

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