Crude Reverses Earlier Decline As Diesel Markets Rally

Crude is trading back positive on the day after a steady climb back from a Brent front month low of around 92.2$/bbl earlier today. The move comes as diesel markets rally in response to a temporary halt to Russian gasoline and diesel exports to help tackle its domestic fuel shortage ahead of peak refinery maintenance.

• Crude had seen a correction lower following the risk of future rates hikes suggested by the US fed yesterday which contributed to a stronger US dollar.
• Crude time spreads are following the recovery but both flat price futures and spreads are currently holding below the highs seen yesterday.
• Brent technicals show the bullish trend remains intact despite the earlier decline with next resistance at the 19 Sep high of 95.96$/bbl and support at the 20 day EMA of 90.36$/bbl.
  • Brent NOV 23 up 0.6% at 94.07$/bbl
  • WTI NOV 23 up 0.8% at 90.36$/bbl
  • Gasoil OCT 23 up 4% at 1002$/mt
  • WTI-Brent up 0.2$/bbl at -3.7$/bbl
  • Brent NOV 23-DEC 23 down -0.03$/bbl at 1.15$/bbl
  • Brent DEC 23-DEC 24 up 0.22$/bbl at 9.06$/bbl
  • Gasoil OCT 23-NOV 23 up 5.5$/mt at 34.25$/mt
  • Gasoil DEC 23-DEC 24 up 22$/mt at 122.25$/mt
  • EU Gasoil-Brent up 3.8$/bbl at 35.73$/bbl