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Crude Holding Gains as Spreads Ease Back

OIL

Crude holding on to earlier gains on the Russian ‘partial’ mobilization announcement this morning and ahead of the updated EIA US stock data.

  • Reports that China has agreed to an increase in fuel export quotes by 15m tons will boost demand for crude and increase the supply of oil products to the tight global market.
  • The earlier push higher in time spreads has eased with the prompt spreads back to flat on the day.
    • Brent NOV 22 up 2% at 92.46$/bbl
    • WTI NOV 22 up 2% at 85.61$/bbl
    • Gasoil OCT 22 up 1.5% at 991$/mt
    • WTI-Brent down -0.2$/bbl at -6.85$/bbl
    • Brent NOV 22-DEC 22 down -0.02$/bbl at 1.2$/bbl
    • Brent DEC 22-JAN 23 unchanged at 1.55$/bbl
    • Brent DEC 22-DEC 23 up 0.48$/bbl at 10.65$/bbl

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