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Crude Reverses Earlier Gains on Stronger USD After US GDP Data

OIL

Crude and oil product markets pull back from earlier gains with a strengthening US dollar after solid US Q2 GDP data.

  • US 2Q GDP PRICE INDEX RISES AT A 2.2% ANNUAL RATE; EST. 3.0% and CORE PCE PRICE INDEX RISES AT A 3.8% ANNUAL RATE (vs. Exp. 4.0%)
  • Brent crude earlier set a new high for the week at 84.11$/bbl after a rebound following the US Fed decision yesterday and with support from tighter OPEC supply expectation and potential China support.
  • Front month US gasoline had earlier reached the highest since Oct 2022 with the gasoline crack spread holding onto the gains seen this month.
    • Brent SEP 23 up 0.2% at 83.11$/bbl
    • WTI SEP 23 up 0.5% at 79.15$/bbl
    • Gasoil AUG 23 up 1.3% at 842.75$/mt
    • RBOB AUG 23 down -0.4% at 2.9$/gal
    • ULSD AUG 23 up 0.4% at 2.85$/gal
Energy BulletsCommodities
Energy BulletsCommodities

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