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Crude Pushing Higher on Weaker USD

OIL

Volatile crude pushes back up towards the high of the day at 94.09$/bbl on the back of the weaker US dollar after the below expected US CPI data.

  • The rally is reflected in the longer term time spreads with Brent Jun23-Dec23 up 0.25$/bbl and Dec23-Dec24 up 0.33$/bbl.
  • The front month WTI-Brent spread has widened slightly with Brent rallying quicker than WTI.
  • Refined product crack spreads have remained stable throughout the day with tight supplies offset against oil demand growth concerns
    • Brent JAN 23 up 1.2% at 93.73$/bbl
    • WTI DEC 22 up 1% at 86.69$/bbl
    • WTI-Brent down -0.31$/bbl at -7.89$/bbl
    • Brent JUN 23-DEC 23 up 0.25$/bbl at 4.4$/bbl
    • Brent DEC 23-DEC 24 up 0.33$/bbl at 5.68$/bbl
    • US gasoline crack down -0.1$/bbl at 20.99$/bbl
    • US ULSD crack down -0.6$/bbl at 66.62$/bbl

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