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Demand Concerns Pushing Crude Lower

OIL

Outright crude oil prices and long dated time spreads are drifting lower with concerns for future demand but prompt spreads remain steady due to the tight physical market.

  • Gasoline cracks are following the crude down on the day but diesel cracks continue to slowly rise.
  • WTI is moving quicker than Brent as the spread falls back below -6$/bbl having recovered to nearly -5.1$/bbl later last week.
  • Brent SEP 22 down -2.1% at 104.82$/bbl
  • WTI AUG 22 down -2.5% at 101.51$/bbl
  • WTI-Brent down -0.28$/bbl at -6.14$/bbl
  • Brent SEP 22-OCT 22 up 0.05$/bbl at 3.5$/bbl
  • Brent DEC 22-DEC 23 down -0.61$/bbl at 10.11$/bbl
  • US 321 crack down -0.3$/bbl at 45.67$/bbl
  • US gasoline crack down -1.2$/bbl at 40.35$/bbl
  • US ULSD crack up 1.7$/bbl at 56.31$/bbl

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