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Crude Steady After Recent Intraday Volatility

OIL

Crude is stable today after volatile trading yesterday which saw Brent bounce between 92$/bbl and 96$/bbl with crude prices reacting to supply risks and potential changes in demand. Crude time spreads also saw intraday volatility before settling relatively unchanged on the day and holding again this morning.

    • Brent NOV 22 down -0.1% at 93.96$/bbl
    • WTI OCT 22 down 0% at 88.47$/bbl
    • Gasoil OCT 22 down -1.5% at 977$/mt
    • WTI-Brent up 0.07$/bbl at -5.91$/bbl
  • US DOE responded to recent reports regarding strategic crude reserves saying that restocking doesn’t depend on price and are expected until after fiscal year 2023.
  • Crude prices were support by the expected gradual easing of covid lockdown restrictions in Chengdu city in China from today.
  • The monthly IEA report yesterday forecast global oil demand growth to slow due to Chinese lockdowns and a slowdown in the OECD but partly offset by gas to oil fuel switching. World oil demand is forecast at 99.7mbpd in 2022 and 101.8mbpd in 2023.
    • Brent NOV 22-DEC 22 unchanged at 0.98$/bbl
    • Brent DEC 22-DEC 23 up 0.07$/bbl at 9.7$/bbl
  • EIA weekly inventory data showed a build in crude as expected but a surprise build in distillates and draw in gasoline. Gasoline and distillate cracks spreads are both trading lower after the 4-week rolling implied demand fell again to below 2020 levels.
    • US 321 crack down -0.6$/bbl at 28.73$/bbl
    • US gasoline crack down -0.2$/bbl at 17.33$/bbl
    • US ULSD crack down -1.6$/bbl at 51.74$/bbl
Energy BulletsCommodities
Energy BulletsCommodities

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