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Crude Holds Much of Yesterday's Gains

OIL

After being largely rangebound this week on thin volumes, crude found some strength yesterday on the back of tightening stocks in the US, including those for distillates.

  • Brent FEB 23 up 0.2% at 82.37$/bbl
  • WTI FEB 23 up 0.3% at 78.52$/bbl
  • Gasoil JAN 23 up 0.9% at 899.5$/mt
  • WTI-Brent down -0.03$/bbl at -3.85$/bbl
  • Oil is poised to end an extraordinarily volatile year modestly higher as traders attempt to gauge the market’s trajectory in the opening months of 2023.
  • The Keystone pipeline was aiming for a full return to operation on 20 Dec but the restart has been delayed until 28 or 29 Dec. No reason has been given for the delay but cold weather has been limiting the clean up process. The Brent-WTI spread narrowed further following the delay with slowing SPR withdrawals and possible refilling next year also supporting WTI.
  • Brent FEB 23-MAR 23 up 0.03$/bbl at -0.35$/bbl
  • The market remains focussed on China’s emergence from lockdowns – a key driver of global demand going into early 2023. The markets fear surging infection rate could see a reversal in promising emerging demand figures.
  • US gasoline crack up 0$/bbl at 17.08$/bbl
  • US ULSD crack down -0.2$/bbl at 53.56$/bbl
    • Energy BulletsCommodities
    Energy BulletsCommodities

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