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Crude Recovers Despite Demand Concerns

OIL

Crude recovers but still 6$/bbl down from peak at the start of the week.

  • Upside supply risks from Russia, OPEC, Libya, and Iran are balanced against weaker global demand from inflation driven central bank tightening and Chinese covid restrictions.
  • The prompt WTI spread is edging back up after reaching the lowest since January at 0.31$/bbl earlier this week. The longer dated Dec22-Dec23 has remained stronger with the EU ban on Russian oil and the potential G7 price cap on Russian oil adding to supply uncertainty later in the year.
    • Brent NOV 22 up 1.9% at 90.82$/bbl
    • WTI OCT 22 up 1.7% at 84.99$/bbl
    • WTI-Brent down -0.15$/bbl at -6.31$/bbl
    • Brent NOV 22-DEC 22 up 0.24$/bbl at 1.14$/bbl
    • Brent DEC 22-DEC 23 up 0.64$/bbl at 9.03$/bbl
    • WTI OCT 22-NOV 22 unchanged at 0.47$/bbl
    • WTI DEC 22-DEC 23 up 0.52$/bbl at 7.97$/bbl
Energy BulletsCommodities
Energy BulletsCommodities

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