Free Trial
JGB TECHS

(H3) Extends Bounce Off Lows

USDCAD TECHS

Pierces The 50-Day EMA

US TSYS

Risk Buoyed Ahead Fed Blackout

NEW ZEALAND

Chris Hipkins Named To Succeed Jacinda Ardern As PM

AUDUSD TECHS

Remains Above Support At The 20-Day EMA

Real-time Actionable Insight

Get the latest on Central Bank Policy and FX & FI Markets to help inform both your strategic and tactical decision-making.

Free Access

Crude Holding Weaker Sentiment on Global Demand Concerns

OIL

Crude is slightly down on the day after falling yesterday driven by concern for Chinese demand, recession fears and a build in US crude stocks. Speculation that China might ease their Covid Zero policy has reduced with covid cases rising and lockdowns spreading. Economic concerns are balanced against tight physical supplies ahead of the updated US inflation data later today.

    • Brent JAN 23 down -0.5% at 92.23$/bbl
    • WTI DEC 22 down -0.6% at 85.31$/bbl
    • Gasoil DEC 22 down -2% at 987.75$/mt
    • WTI-Brent down -0.15$/bbl at -7.73$/bbl
  • Time spreads have pulled back slightly with the less optimistic outlook for Chinese demand, but the curve remain in strong backwardation. The future output from Russian remains unclear with less than a month until the start of the EU ban on Russian oil. Existing Russian crude shipments to Europe will need to find alternative buyers or will be missing from the global supplies.
    • Brent JAN 23-FEB 23 down -0.02$/bbl at 1.42$/bbl
    • Brent JUN 23-DEC 23 down -0.03$/bbl at 4.12$/bbl
  • Refined product crack spreads are also holding steady today after distillate cracks drifted lower following the weaker global demand expectations. Gasoline cracks rallied following the EIA inventory data showing the lowest stocks since 2012 and a small recovery in the implied demand data.
    • US gasoline crack up 0.6$/bbl at 21.66$/bbl
    • US ULSD crack down -0.1$/bbl at 67.14$/bbl
215 words

To read the full story

Why Subscribe to

MarketNews.com

MNI is the leading provider

of news and intelligence specifically for the Global Foreign Exchange and Fixed Income Markets, providing timely, relevant, and critical insight for market professionals and those who want to make informed investment decisions. We offer not simply news, but news analysis, linking breaking news to the effects on capital markets. Our exclusive information and intelligence moves markets.

Our credibility

for delivering mission-critical information has been built over three decades. The quality and experience of MNI's team of analysts and reporters across America, Asia and Europe truly sets us apart. Our Markets team includes former fixed-income specialists, currency traders, economists and strategists, who are able to combine expertise on macro economics, financial markets, and political risk to give a comprehensive and holistic insight on global markets.

Crude is slightly down on the day after falling yesterday driven by concern for Chinese demand, recession fears and a build in US crude stocks. Speculation that China might ease their Covid Zero policy has reduced with covid cases rising and lockdowns spreading. Economic concerns are balanced against tight physical supplies ahead of the updated US inflation data later today.

    • Brent JAN 23 down -0.5% at 92.23$/bbl
    • WTI DEC 22 down -0.6% at 85.31$/bbl
    • Gasoil DEC 22 down -2% at 987.75$/mt
    • WTI-Brent down -0.15$/bbl at -7.73$/bbl
  • Time spreads have pulled back slightly with the less optimistic outlook for Chinese demand, but the curve remain in strong backwardation. The future output from Russian remains unclear with less than a month until the start of the EU ban on Russian oil. Existing Russian crude shipments to Europe will need to find alternative buyers or will be missing from the global supplies.
    • Brent JAN 23-FEB 23 down -0.02$/bbl at 1.42$/bbl
    • Brent JUN 23-DEC 23 down -0.03$/bbl at 4.12$/bbl
  • Refined product crack spreads are also holding steady today after distillate cracks drifted lower following the weaker global demand expectations. Gasoline cracks rallied following the EIA inventory data showing the lowest stocks since 2012 and a small recovery in the implied demand data.
    • US gasoline crack up 0.6$/bbl at 21.66$/bbl
    • US ULSD crack down -0.1$/bbl at 67.14$/bbl