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Oil Continues to Drift Lower

OIL

Crude extends fall on global demand concerns following on from the weaker Chinese data over the weekend.

  • WTI is falling faster than Brent and widening the Oct WTI-Brent spread to -7.66$/bbl with the Sep spread reaching as low as -11.8$/bbl before expiry last week. Refined product cracks spreads are following the trend lower although diesel is finding a little more support than gasoline.
  • First support to watch for Brent is at 100.97$/bbl and for WTI is 93.01$/bbl.
  • Brent OCT 22 down -1.5% at 102.39$/bbl
  • WTI SEP 22 down -2.3% at 96.38$/bbl
  • WTI-Brent up 3.91$/bbl at -7.71$/bbl
  • US gasoline crack down -0.1$/bbl at 31.6$/bbl
  • US ULSD crack up 0.2$/bbl at 50.15$/bbl
  • Gasoline-Brent down -0.9$/bbl at 18.42$/bbl
  • Gasoil-Brent up 2.8$/bbl at 34.95$/bbl
Energy BulletsCommodities
Energy BulletsCommodities

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