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Oil Markets Flat in Early Trading

OIL

Crude prices are flat in early trading after both tumbled in yesterday’s session to their weakest levels since February on the back of a token gesture by OPEC+ to raise output by a nominal 100,000 bpd in September and surprise builds in crude and gasoline stockpiles in the latest EIA report.

  • The latest OPEC+ target represents just 0.1% of global demand. The group were left with little option after repeatedly missing current production targets and a lack of spare capacity outwith Saudi Arabia and the UAE. The group may also be wary of tapping into any remaining spare capacity at the expense of Russia.
  • Brent OCT 22 down -0.1% at 96.69$/bbl
  • WTI SEP 22 up 0% at 90.67$/bbl
  • Gasoil AUG 22 down -1.1% at 1023.25$/mt
  • WTI-Brent up 0.16$/bbl at -6.97$/bbl
  • The gradual fall in the crude time spreads reflects the slight easing of the supply situation but stocks are still low and spare production is still limited. The prompt Brent and WTI spreads are the lowest since mid-May.
    • Brent OCT 22-NOV 22 down -0.03$/bbl at 1.55$/bbl
    • Brent DEC 22-DEC 23 down -0.07$/bbl at 7.19$/bbl
    • Gasoline and diesel cracks are edging down this morning after yesterday’s EIA data showed stronger than anticipated product inventories – particularly for gasoline during peak summer driving season.
    • US 321 crack down -0.4$/bbl at 38.45$/bbl
    • US gasoline crack down -0.1$/bbl at 31.75$/bbl
    • US ULSD crack down -1$/bbl at 51.86$/bbl
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