Crude Holding Steady With Focus Still on Demand Growth

Crude futures and time spread remain stable just below the previous close levels with concern for economic growth still limiting upside moves despite some short term tighter supply including outages from Kurdistan and Canada.

• Russian output is still holding up better than expected with S&P Global showing crude exports at a 12 month high in April and Bloomberg ship tracking also suggesting strong output.
• Saudi Aramco CEO has suggested oil markets overreacted in the recent sell off and says it is tough to boost oil capacity beyond current plans. Many expect a tighter market later this year with OPEC supply cuts and a China recovery although recent data from China adds uncertainty to the speed of oil demand growth.
  • Brent JUL 23 down -0.9% at 76.32$/bbl
  • WTI JUN 23 down -1% at 72.44$/bbl
  • WTI-Brent down -0.04$/bbl at -3.95$/bbl
  • Brent JUL 23-AUG 23 down -0.03$/bbl at 0.17$/bbl
  • Brent DEC 23-DEC 24 down -0.34$/bbl at 2.86$/bbl