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Crude Stable Amid Ongoing Demand Concerns

OIL
StoryEnergy BulletsCommodities

Crude markets are holding within range as implied volatility remain low with China demand softness set against more stringent sanctions on Russian oil exports and increased instability in the Middle East.

  • China data yesterday showed a fall in apparent oil demand and weakness in consumer spending data from China but strength in industrial output. Authorities have promised stimulus to support the economy, but markets are waiting for details.
  • Focus turns to the U.S. Federal Reserve's interest rate decision tomorrow.
  • Upside remains limited by growing supplies from non-OPEC+ countries such as the U.S. and Brazil and slowing demand.
  • The EU adopted its 15th package of sanctions against Russia for the invasion of Ukraine the EU Commission said on Monday adding 52 vessels from the shadow fleet.
  • Twelve European countries will begin to check insurance documents of passing Russian shadow fleet vessels.
  • Diesel cracks are holding near the high of the month, but gasoline cracks have drifting lower in recent days. US stocks data this week is expected to show a draw in crude and distillates but build in gasoline, a Reuters survey shows.
    • Brent FEB 25 up 0.3% at 74.14$/bbl
    • WTI JAN 25 up 0.2% at 70.88$/bbl
    • Brent FEB 25-MAR 25 down 0.01$/bbl at 0.38$/bbl
    • Brent JUN 25-DEC 25 up 0.05$/bbl at 1.33$/bbl
    • US gasoline crack down 0$/bbl at 12.32$/bbl
    • US ULSD crack down 0.1$/bbl at 24.2$/bbl
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Crude markets are holding within range as implied volatility remain low with China demand softness set against more stringent sanctions on Russian oil exports and increased instability in the Middle East.

  • China data yesterday showed a fall in apparent oil demand and weakness in consumer spending data from China but strength in industrial output. Authorities have promised stimulus to support the economy, but markets are waiting for details.
  • Focus turns to the U.S. Federal Reserve's interest rate decision tomorrow.
  • Upside remains limited by growing supplies from non-OPEC+ countries such as the U.S. and Brazil and slowing demand.
  • The EU adopted its 15th package of sanctions against Russia for the invasion of Ukraine the EU Commission said on Monday adding 52 vessels from the shadow fleet.
  • Twelve European countries will begin to check insurance documents of passing Russian shadow fleet vessels.
  • Diesel cracks are holding near the high of the month, but gasoline cracks have drifting lower in recent days. US stocks data this week is expected to show a draw in crude and distillates but build in gasoline, a Reuters survey shows.
    • Brent FEB 25 up 0.3% at 74.14$/bbl
    • WTI JAN 25 up 0.2% at 70.88$/bbl
    • Brent FEB 25-MAR 25 down 0.01$/bbl at 0.38$/bbl
    • Brent JUN 25-DEC 25 up 0.05$/bbl at 1.33$/bbl
    • US gasoline crack down 0$/bbl at 12.32$/bbl
    • US ULSD crack down 0.1$/bbl at 24.2$/bbl