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Crude Steady After EIA Data and Weaker USD Driven Rally

OIL

US inventory data yesterday while also supported by weakness in the US dollar. The rally took prices out of the recent weekly range with concern for weak global and Chinese demand weighed against tight global supplies and Russian supply risks.

    • Brent DEC 22 down -0.1% at 95.55$/bbl
    • WTI DEC 22 down -0.2% at 87.77$/bbl
    • Gasoil NOV 22 up 0.7% at 1113$/mt
    • WTI-Brent up 0.01$/bbl at -7.77$/bbl
  • EIA data continues to show low products inventory levels with refineries unable to replenish stocks especially during the current maintenance period. High overseas demand from Europe also supports prices with tight global supplies leading to record weekly crude exports.
  • Crude time spreads are steady after following the flat price rally yesterday. The Dec22-Dec23 spread is back up just below the highest since June seen on Oct 7 shortly after the OPEC production cut announcement.
    • Brent DEC 22-JAN 23 unchanged at 1.9$/bbl
    • Brent JAN 23-FEB 23 unchanged at 1.7$/bbl
    • Brent DEC 22-DEC 23 up 0.06$/bbl at 12.58$/bbl
  • US implied demand for distillates remains unexpectedly high, but gasoline continues to lag below seasonal normal levels. Diesel cracks rallied yesterday, and gasoline held steady with low stock levels and a tight global market. Extra supply risk from the upcoming sanctions on Russia could add further upside price risk during the winter heating season.
    • US 321 crack down -0.3$/bbl at 36.28$/bbl
    • US gasoline crack up 0.7$/bbl at 21.04$/bbl
    • US ULSD crack down -0.7$/bbl at 66.84$/bbl
Energy BulletsCommodities
Energy BulletsCommodities

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