August 11, 2022 10:25 GMT
Oil prices have ticked higher in today’s session after a flat start in early trading.
- The IEA monthly report came out earlier today, which raised its forecast for oil demand this year, in part because of a gas to oil switch due to market tightness. It raised its 2022 oil demand outlook by 380,000 bpd.
- A resumption in oil flows on the Druzhba pipeline yesterday and a 5.5mn bbl bump in US crude stocks in the latest EIA report have kept a cap on prices in recent trading, while tumbling US gasoline stocks have supported a brighter demand picture during the summer driving season than thought in recent weeks.
- Brent OCT 22 up 0.9% at 98.28$/bbl
- WTI SEP 22 up 0.9% at 92.78$/bbl
- US 321 crack up 1.4$/bbl at 43.08$/bbl
- US gasoline crack up 0.9$/bbl at 37.74$/bbl