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Crude Holding Onto Small Daily Gain

OIL

Crude oil holding onto gains with the impact of an economic slowdown and central bank rate hikes on global oil demand growth and resilient Russian supply balanced against optimism for a revival in Chinese oil consumption.

  • The possibility of a start to the restocking of US SPR with the purchase of a small 3mbbls in February is adding to price support. US have previously indicated the potential for restocking when prices fall below about 70$/bbl.
  • The WTI-Brent spread is just slightly softer today having closed in from around -6$/bbl at the start of the month due to slowing US SPR withdrawals and Keystone pipeline disruption
    • Brent FEB 23 up 0.7% at 79.59$/bbl
    • WTI JAN 23 up 0.4% at 74.62$/bbl
    • Gasoil JAN 23 up 1.5% at 899.5$/mt
    • WTI-Brent down -0.1$/bbl at -4.68$/bbl
Energy BulletsCommodities
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