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Crude Steadies After Volatile Trading Yesterday

OIL

Crude is holding steady today after volatile trading saw front month Brent swing between about 77.5$/bbl and 79.5$/bbl yesterday. OPEC cuts have failed to support markets amid uncertainty over future member compliance amid building spare capacity. Ongoing global demand growth concerns combined with stronger than expected non-OPEC supplies have been weighing on prices to offset OPEC production cuts with upside also limited by a stronger US dollar.

    • Brent FEB 24 up 0.2% at 78.18$/bbl
    • WTI JAN 24 up 0.2% at 73.2$/bbl
    • Gasoil DEC 23 down -0.5% at 788.75$/mt
    • WTI-Brent down -0.06$/bbl at -4.71$/bbl
  • The Saudi energy minister has said that the pledged cuts would be fully delivered and could be extended beyond Q1 2024. The cuts will only be withdrawn after considering market conditions and using a “phased-in approach.”
  • Russian President Putin is apparently scheduled to travel to the UAE and Saudi Arabia this week, according to Bloomberg.
  • The Feb24-Mar24 Brent time spread has fallen further to join the front WTI spread in contango suggesting ample near term crude supplies. The prompt WTI spread has been trading in contango since Nov 15. The Jun24-Dec24 spreads are trading at the lowest since June.
    • Brent FEB 24-MAR 24 down -0.02$/bbl at -0.06$/bbl
    • Brent JUN 24-DEC 24 up 0.02$/bbl at 1.32$/bbl
  • Gasoline cracks reversed earlier gains to end the day higher yesterday supported by demand rising last week according to GasBuddy data. US front month gasoline crack is trading at the highest since September having risen from 7.48$/bbl in mid October to 16.8$/bbl.
    • US gasoline crack down -0.2$/bbl at 16.66$/bbl
    • US ULSD crack down -0.1$/bbl at 38.6$/bbl
Energy BulletsCommodities
Energy BulletsCommodities

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