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Crude Holding Weekly Gains on Diminishing Gaza Ceasefire Hope

OIL

Crude prices are steady today after strong gains yesterday to the highest since Jan 31 driven by a higher geopolitical risk premium amid diminishing hope of any near-term ceasefire deal in Gaza.

    • Brent APR 24 down -0.1% at 81.57$/bbl
    • WTI MAR 24 up 0.1% at 76.26$/bbl
    • Gasoil FEB 24 up 0.4% at 890.25$/mt
    • WTI-Brent up 0.02$/bbl at -5.36$/bbl
  • US President Biden stated in a White House press conference that Gaza carnage has been 'over the top' and urged for a pause in fighting. This follows earlier comments by Israeli PM Netanyahu, which appeared to pour cold water on a ceasefire, telling reporters that Israel "will not suffice with less" than a decisive victory in their war against Hamas.
  • Upside is still limited by robust global supplies and slow global demand growth driven by an uncertain China economy and expectations for US Fed leaving rates elevated for longer.
    • Brent APR 24-MAY 24 up 0.04$/bbl at 0.59$/bbl
    • Brent JUN 24-DEC 24 down -0.07$/bbl at 2.71$/bbl
  • With no end in sight for the Middle East tensions and ongoing Red Sea tanker diversions the time spreads followed the rally yesterday. The Brent prompt spread reached the highest since early November while the WTI prompt spread returned to backwardation after falling last week.
  • Gasoline and diesel crack spreads are holding onto gains seen this week due to tighter supplies amid Red Sea diversions and European refinery maintenance as well as drone attacks on Russian energy infrastructure.
    • US gasoline crack up 0.3$/bbl at 22.09$/bbl
    • US ULSD crack down 0$/bbl at 44.97$/bbl
Energy BulletsCommodities
Energy BulletsCommodities

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