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Free AccessCrude Markets Heading for Net Weekly Gain Despite Demand Concern
Crude markets are edging higher today after a rally late yesterday as a reversal downwards in US dollar offered support and despite weaker than expected US GDP numbers putting pressure on the oil demand outlook.
- Brent JUN 24 up 0.6% at 89.5$/bbl
- WTI JUN 24 up 0.5% at 83.99$/bbl
- Gasoil MAY 24 up 1.9% at 788.5$/mt
- WTI-Brent down 0.06$/bbl at -5.51$/bbl
- The geopolitical risk premium has fallen from last week as Middle East tensions have eased allowing market focus to switch back more towards market fundamentals and global demand growth.
- The US may leverage new Iran sanctions to pressure Chinese buyers to cut Iranian oil purchases, but measures are unlikely to have a near-term impact: Platts.
- Russia, which has pledged to deepen its OPEC+ crude operation cuts in Q2, kept the numbers of its inactive oil wells nearly flat by end-March, Bloomberg said.
- Backwardation has strengthened this week to reverse a dip in time spreads in mid April. The prompt Brent time spread is trading at the highest since February supported by a market deficit in Q2.
- Brent JUN 24-JUL 24 up 0.08$/bbl at 1.32$/bbl
- Brent JUN 24-DEC 24 up 0.15$/bbl at 5.21$/bbl
- Diesel cracks yesterday resumed the declining trend amid poorer US economic signals, coupled with weaker demand in recent EIA data. A drop in diesel returns is prompting some refiners in Asia to make modest reduction in processing rates, according to Bloomberg.
- US gasoline crack up 0.2$/bbl at 31.63$/bbl
- US ULSD crack up 0.3$/bbl at 24.36$/bbl
To read the full story
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.