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Crude Holding with Demand Concerns Limiting Upside from OPEC+ Cuts

OIL

Crude drifting lower today following the rally from a low of 82.5$/bbl on Sep 26 to a peak at nearly 94.5$/bbl after the OPEC+ production cuts. Despite the OPEC cuts uncertainty over oil demand growth from economic concerns and central bank tightening combined with a slightly stronger US dollar today are limiting the upside moves.

  • Crude time spreads are hovering around yesterday close levels with the Brent Dec22-Dec23 spread up from 8.2$/bbl to 12$/bbl over the last two weeks
    • Brent DEC 22 down -0.3% at 93.06$/bbl
    • WTI NOV 22 down -0.4% at 87.43$/bbl
    • Gasoil OCT 22 down -3% at 1147$/mt
    • WTI-Brent up 0.04$/bbl at -6.53$/bbl
    • Brent DEC 22-JAN 23 down -0.01$/bbl at 1.75$/bbl
    • Brent DEC 22-DEC 23 down -0.01$/bbl at 12.02$/bbl

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