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Crude Steady After Rally Yesterday Awaiting OPEC Decisions

OIL

Crude markets are holding steady today after a rally yesterday driven by OPEC+ supply risks, a weaker US dollar amid dovish Fed commentary and with disruption to oil loadings in the Black Sea.

    • Brent JAN 24 down -0.1% at 81.58$/bbl
    • WTI JAN 24 down 0% at 76.4$/bbl
    • Gasoil DEC 23 down -1.1% at 824$/mt
    • WTI-Brent down -0.07$/bbl at -5.18$/bbl
  • The OPEC group remains divided on production policy as Saudi Arabia is looking for other members to cut production to help support markets while quotas for Nigeria and Angola have not yet been agreed. Some countries have said they want an agreement in place before the meeting, so it could be delayed again.
  • Daily oil production at Kazakhstan's largest fields has fallen due to lower oil reception at oil terminals amid a storm in the region. Oil loadings from the Black Sea ports are temporarily halted and likely to last most of the week at the CPC terminal.
    • Brent JAN 24-FEB 24 unchanged at 0.21$/bbl
    • Brent JUN 24-DEC 24 up 0.05$/bbl at 2.03$/bbl
  • The crude backwardation also strengthened slightly yesterday but the Jun24-Dec24 spreads remain below the recent range highs.
  • Diesel and gasoline cracks spreads are holding steady today ahead of the updated EIA weekly stocks data. API data last night showed a draw in crude and gasoline inventories but a build in distillates.
    • US gasoline crack down -0.2$/bbl at 15.69$/bbl
    • US ULSD crack down -0.1$/bbl at 40.75$/bbl
Energy BulletsCommodities
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