Oil Flat After Yesterday's Dip

Oil is set for its biggest weekly gain since early October, though economic figures out of the US and China as well as central bank policies showing more rate rises on the horizon began pressurising prices yesterday. Prices remain flat so far in today’s early session.

• Brent FEB 23 up 0.1% at 81.31$/bbl
• WTI JAN 23 up 0% at 76.14$/bbl
• Gasoil JAN 23 up 1% at 931.25$/mt
• WTI-Brent down -0.04$/bbl at -5.16$/bbl
• It is feared that tighter monetary policy is already having an impact on industry and energy prices. Hawkish comments from policy makers have weighed on sentiment.
• Early week market gains were buoyed by the closure of the TC Pipeline, which partially opened on Wednesday, easing tightness for US Midwest and Gulf refinery supply.
• OPEC on Tuesday stuck to its forecasts for global oil demand growth of 2.55 million bpd this year and 2.25 million bpd in 2023 after several downgrades. Despite weak economic outlooks, it is backing a return from Chinese lockdowns in Q1 to fuel global demand. Analysts from J.P.Morgan Commodity Research also expect the United States to start replenishing its strategic petroleum reserves in the first quarter of 2023.
• WTI JAN 23-FEB 23 up 0.03$/bbl at -0.01$/bbl
• Brent FEB 23-MAR 23 up 0.04$/bbl at -0.07$/bbl
• Time spreads continue to signal ample near-term supply, with the gap between the two nearest contracts for WTI and Brent holding in contango. Brent was 10 cents a barrel in contango compared with 50 cents a week ago.
• •US gasoline crack down 0$/bbl at 15.17$/bbl,
• •US ULSD crack up 0.3$/bbl at 61.98$/bbl