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Crude Time Spreads Recover from Earlier Losses

OIL

Crude market is ticking back up after falling on concerns for rising covid cases in China ahead of the updated US inventory data later today.

  • Flat price futures are still down on the day, but the time spreads have recovered most of the losses seen earlier this morning.
  • The EIA weekly petroleum status report is expected to show a crude draw -0.94mbbls, gasoline draw of -0.32mbbls and a distillate draw of -2.18mbbls for the week ending 23rd December. Refinery utilization is expected to extend the recent decline on higher outages.
    • Brent MAR 23 down -1% at 83.14$/bbl
    • WTI FEB 23 down -1.2% at 78.04$/bbl
    • WTI-Brent up 0.05$/bbl at -4.28$/bbl
    • Brent MAR 23-APR 23 up 0.02$/bbl at 0.08$/bbl
    • Brent JUN 23-DEC 23 down -0.04$/bbl at 2.58$/bbl
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