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Crude Holds Small Gains After IEA Oil Report

OIL

Crude is holding just positive on the day after recovering from an earlier dip following the updated IEA Oil Monthly Report and with a slightly weaker US dollar.

  • The IEA has raised its 2023 oil supply deficit to 800kbpd with oil supply down by 400kbpd by end 2023 on OPEC+ supply cuts. IEA revised down its global oil demand growth forecast by 100kbpd with risks to summer oil demand. Global oil demand is set at a record 101.9 mbpd in 2023 mostly driven by stronger Chinese consumption.
  • Crude times spreads remain unchanged on the day with levels holding just below the highs from earlier in the week.
  • The WTI-Brent spread continues to trend higher with WTI supported by declining inventories at Cushing.
    • Brent JUN 23 up 0.4% at 86.45$/bbl
    • WTI MAY 23 up 0.4% at 82.52$/bbl
    • WTI-Brent up 0.01$/bbl at -4.03$/bbl
    • Brent JUN 23-JUL 23 up 0.02$/bbl at 0.43$/bbl
    • Brent JUN 23-DEC 23 up 0.03$/bbl at 3.5$/bbl
    • Brent DEC 23-DEC 24 unchanged at 5.48$/bbl
Energy BulletsCommodities
Energy BulletsCommodities

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