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Free AccessCrude Pushes Above Yesterday's High After Attack on Vessel in Red Sea
Brent crude is pushing higher through the highs from yesterday amid fresh concern for shipping due to the Israel-Hamas conflict after another attack on a tanker in the Red Sea.
- Brent FEB 24 up 0.7% at 76.53$/bbl
- WTI JAN 24 up 0.7% at 71.82$/bbl
- Gasoil JAN 24 up 0.8% at 757.75$/mt
- WTI-Brent down -0.02$/bbl at -4.46$/bbl
- A Norwegian vessel which usually carries oil products reported damage after a fire after being struck by a missile. This comes after several other attacks in the area in recent weeks after Houthis said they would attack ships with links or headed to Israel.
- The market is weighing the OPEC+ member commitment to voluntary cuts planned for Q1 against non-OPEC supply growth and potential slower demand growth in 2024.
- Updated monthly reports from EIA, OPEC and IEA this week will provide outlooks for supply and demand forecasts while US CPI data today could help to guide future Fed interest rate policy.
- Brent FEB 24-MAR 24 up 0.01$/bbl at -0.21$/bbl
- Brent JUN 24-DEC 24 up 0.05$/bbl at 0.99$/bbl
- Near term crude time spreads are still in contango until the June 24 contract suggesting ample supplies. The longer dated spreads are still in backwardation but much softer then seen in late November with Brent Jun24-Dec24 down at 0.99$/bbl from around 2.3$/bbl.
- Diesel and gasoline cracks spreads are drifting lower this month amid concern for demand and with robust US inventories ahead of API data later today and EIA inventories tomorrow. US gasoline demand fell again last week to the second lowest weekly level since early 2023 according to GasBuddy data.
- US gasoline crack down 0$/bbl at 14.63$/bbl
- US ULSD crack up 0.2$/bbl at 38.27$/bbl
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