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Oil Flat in Early Session After Choppy Wednesday

OIL

Crude is flat to start today’s session after making more volatile swings in yesterday’s session dipping on news that the Druzhba pipeline had resumed, and EIA data that showed US crude stocks had built by 5.5mn bbls last week – more than the expected increase of around 70,000 bbls. Signs that US inflation may be retreating have been welcomed by the markets, while EIA product supplied figures for gasoline are trending back to more realistic values for the summer driving season.

o Brent OCT 22 down -0.1% at 97.32$/bbl

o WTI SEP 22 down -0.2% at 91.76$/bbl

o Gasoil AUG 22 up 1.7% at 1009$/mt

o WTI-Brent down -0.06$/bbl at -6.24$/bbl

  • Backwardation continues to slow. The return of Libya supply – with plans to keep boosting, stronger than expected Russia supply, the ongoing US SPR release, a show of willing from OPEC and hope from Iran nuclear talks have all helped push spreads lower in recent weeks.

    • o Brent OCT 22-NOV 22 up 0.05$/bbl at 1.22$/bbl

    o Brent DEC 22-DEC 23 unchanged at 7.51$/bbl

  • Crack spreads rallied on the Druzbha pipeline suspension news but then eased back slightly before more positive product supplied figures emerged in the latest EIA report while US gasoline stocks tumbled by around 5mn bbls. Supplies and stocks remain tight with strong demand and the likelihood it will be sustained with national averages now around the $4/gal mark.

    • o US 321 crack down -0.1$/bbl at 41.52$/bbl

    o US gasoline crack up 0$/bbl at 36.84$/bbl

    o US ULSD crack down -0.4$/bbl at 50.87$/bbl

    Energy BulletsCommodities
    Energy BulletsCommodities

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