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Crude Markets Finding More Downside

OIL

Crude markets are ticking lower this morning, extending yesterday’s losses. They had a turbulent start to the week, finding strength mid-session before reverting again. The markets are losing ground on last week’s gains which saw a 15% rally from 85.5$/bbl at the start of the month up to 98.5$/bbl on the cut in production targets announced by OPEC+ last week.

  • Brent DEC 22 down -0.4% at 95.83$/bbl
  • WTI NOV 22 down -0.5% at 90.68$/bbl
  • Gasoil OCT 22 down -2.4% at 1250.75$/mt
  • WTI-Brent down -0.07$/bbl at -6.34$/bbl
  • The impact of the tighter supplies is weighed against the backdrop of oil demand growth concerns driven by recession fears and central bank tightening as well as a strong dollar. The tighter supply situation is reflected in the time spreads with the Dec22-Dec23 just off from the highest since early July and the prompt spread near the highest since the end of August.
  • Brent DEC 22-JAN 23 down -0.07$/bbl at 1.76$/bbl
  • Brent DEC 22-DEC 23 down -0.1$/bbl at 12.85$/bbl
  • China demand concern is adding to the market uncertainty as local restrictions continue to control covid outbreaks. It is unclear when China may start easing their zero covid policy and how their oil demand will recover. Its services activity contracted in September for the first time in four months, as pandemic restrictions weighed.
  • US 321 crack up 0.2$/bbl at 36.47$/bbl
  • US gasoline crack up 0.4$/bbl at 19.14$/bbl
  • US ULSD crack down -0.3$/bbl at 71.12$/bbl
  • Demand concerns are also weighing on crack spreads this week. Europe has faced a high level of refinery outages, prompted by ongoing strikes in France while dropping imports from Russia have also supported prices recently. Europe is turning to the middle east for diesel supplies, lost in the Russian sanctions.
    • Energy BulletsCommodities
    Energy BulletsCommodities

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