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Oil Market Ticking Higher After IEA Oil Demand Revision

OIL

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
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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