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MNI: BELGIUM JUL BNB BUSINESS SURVEY -12.3

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Crude Steady: Brent Just Below 100$/bbl

OIL

Crude little changed after trading in a $2/bbl range yesterday.

    • Brent SEP 22 up 0% at 99.59$/bbl
    • WTI AUG 22 down -0.1% at 96.22$/bbl
    • Gasoil AUG 22 up 0.6% at 1102.25$/mt
    • WTI-Brent up 0.03$/bbl at -5.84$/bbl
  • High US inflation figures contribute to the downward pressure on prices with concerns that an economic slowdown will impact global oil demand. China exports data suggested a faster recovery from Covid although there remains the possibility of new lockdown restrictions with their zero covid policy in place.
    • Brent SEP 22-OCT 22 up 0.04$/bbl at 3.32$/bbl
    • Brent DEC 22-DEC 23 up 0.09$/bbl at 8.44$/bbl
  • Physical markets remain tight with US President Biden due to visit Saudi Arabia on Friday as part of his trip to the Middle East. The US are looking for Saudi to increase oil production to help ease the tight global supply and lower oil prices. The current OPEC+ agreement runs until the end of the year, so they are unlikely to increase supply in that time without getting agreement from the group.
    • US gasoline crack up 0.3$/bbl at 40.5$/bbl
    • US ULSD crack up 0.7$/bbl at 59.06$/bbl
    • Gasoline-Brent up 1$/bbl at 29.78$/bbl
    • Gasoil-Brent up 1.1$/bbl at 44.06$/bbl
  • Refined product cracks are recovering despite a small drop after the build in EIA US stocks yesterday. Implied demand for gasoline and distillates is faltering as high prices impact consumption but supply remains tight and inventories low despite the increase yesterday.
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