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Free AccessCrude Steady As Brent-WTI Spread Continues to Close
Crude remains rangebound this week on thin pre holiday volumes. Brent crude has mostly remained between 79 and 81$/bbl with front month currently holding around 80$/bbl. Concern for central bank rate hikes and recession continues to weigh on the market but is offset against optimism for China oil demand next year.
- Brent FEB 23 down -0.2% at 79.86$/bbl
- WTI FEB 23 down -0.2% at 76.07$/bbl
- Gasoil JAN 23 up 0.3% at 870.25$/mt
- WTI-Brent down -0.04$/bbl at -3.79$/bbl
- Yesterday the Saudi energy minister said they would remain proactive and pre-emptive in reacting to global oil markets and that OPEC+ decisions this year had proved to be correct.
- The Keystone pipeline was aiming for a full return to operation on 20 Dec but the restart has been delayed until 28 or 29 Dec. No reason has been given for the delay but cold weather has been limiting the clean up process. The Brent-WTI spread narrowed further following the delay with slowing SPR withdrawals and possible refilling next year also supporting WTI.
- Brent FEB 23-MAR 23 up 0.06$/bbl at -0.48$/bbl
- Brent JUN 23-DEC 23 down -0.01$/bbl at 2.05$/bbl
- API data from late yesterday showed a draw in crude inventories and a build in gasoline and distillate stocks. Concern for an economic slowdown has been weighing on diesel crack spreads with a return to warmer weather adding to the downside pressure. Reports of a boost to US gasoline demand last week due to lower pump prices is providing support to gasoline cracks.
- US gasoline crack up 1$/bbl at 16.27$/bbl
- US ULSD crack down -1.7$/bbl at 51.12$/bbl
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Why MNI
MNI is the leading provider
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