Oil Markets Holding Up Recent Gains

Oil market are holding up recent gains as the API signalled a big drop in US crude stocks and ongoing disputes halt around 450,000 bpd of Kurdish oil from leaving via Turkey.

• Brent MAY 23 up 0.6% at 79.13$/bbl
• WTI MAY 23 up 0.8% at 73.81$/bbl
• Gasoil APR 23 down -0.9% at 775.75$/mt
• WTI-Brent up 0.01$/bbl at -5.29$/bbl
• Oil prices surged Monday after exports of around 450,000 bpd from Iraq's semi-autonomous northern Kurdistan region were halted, following an arbitration decision that confirmed Baghdad's consent was needed to ship the oil.
• Brent MAY 23-JUN 23 up 0.04$/bbl at 0.55$/bbl
• Brent JUN 23-DEC 23 up 0.12$/bbl at 1.85$/bbl
• Brent DEC 23-DEC 24 up 0.15$/bbl at 3.25$/bbl
• Comments from Russian officials spurred oil markets yesterday. The officials such as Deputy Prime Minister Alexander Novak suggested that shipping insurance was becoming an issue and that Russia was likely to reduce its oil and gas output in 2023 versus last year.
• US gasoline demand is ticking higher which is helping to spur gasoline margins in the run up to the summer driving season. Prices are also supported by below normal US inventories.
• US gasoline crack down 0$/bbl at 38.99$/bbl
• US ULSD crack down -0.4$/bbl at 36.76$/bbl