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Crude Steady as OPEC Warn of Oil Supply Squeeze This Year

OIL

Brent and spreads stable ahead of the latest EIA petroleum inventory data later today.

  • OPEC secretary general today said spare capacity was about 2-3mbpd and “running on thin ice”. He also warns of the likelihood of an oil supply squeeze this year. Despite the comments time spreads remain largely unchanged today with the forward curve now the flattish since February.
  • Crude futures are trading either side of last night’s closing level having earlier pushed down towards technical support levels of 91.22$/bbl for Brent and 85.73$/bbl for WTI. OPEC today said China oil demand fears are “blown out of proportion” and they are still bullish on oil demand for this year.
  • Brent OCT 22 up 0.1% at 92.45$/bbl
  • WTI SEP 22 up 0.2% at 86.69$/bbl
  • Gasoil SEP 22 up 1.1% at 1028.75$/mt
  • WTI-Brent down -0.1$/bbl at -6.15$/bbl
  • Brent OCT 22-NOV 22 up 0.03$/bbl at 0.63$/bbl
  • Brent DEC 22-DEC 23 down -0.07$/bbl at 5.97$/bbl
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Brent and spreads stable ahead of the latest EIA petroleum inventory data later today.

  • OPEC secretary general today said spare capacity was about 2-3mbpd and “running on thin ice”. He also warns of the likelihood of an oil supply squeeze this year. Despite the comments time spreads remain largely unchanged today with the forward curve now the flattish since February.
  • Crude futures are trading either side of last night’s closing level having earlier pushed down towards technical support levels of 91.22$/bbl for Brent and 85.73$/bbl for WTI. OPEC today said China oil demand fears are “blown out of proportion” and they are still bullish on oil demand for this year.
  • Brent OCT 22 up 0.1% at 92.45$/bbl
  • WTI SEP 22 up 0.2% at 86.69$/bbl
  • Gasoil SEP 22 up 1.1% at 1028.75$/mt
  • WTI-Brent down -0.1$/bbl at -6.15$/bbl
  • Brent OCT 22-NOV 22 up 0.03$/bbl at 0.63$/bbl
  • Brent DEC 22-DEC 23 down -0.07$/bbl at 5.97$/bbl