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Oil Markets Show Weakness Early Session

OIL

Oil prices are showing signs of weakness Friday after China announced further covid restrictions on major populous cities casting doubt on an economic recovery in the short term as the government focusses on a zero covid policy. The US is working on a Russian oil price cap to be announced before the European ban on Russian oil December 5. It has been touted around the low to mid-$60’s but its potential effectiveness is still under question depending on participation levels.

  • Brent DEC 22 down -0.9% at 96.06$/bbl
  • WTI DEC 22 down -1.2% at 87.97$/bbl
  • Gasoil NOV 22 up 1.3% at 1124.5$/mt
  • WTI-Brent down -0.09$/bbl at -8.11$/bbl
  • Middle distillate inventories remain historically low in key markets, supporting a strong refining sector in Q4 in Asia and the US in particular. Oil majors and refinery company reports this week suggested that overall fuel demand remains robust, though cracks between diesel and gasoline have shown divergence of late.
  • Brent DEC 22-JAN 23 up 0.06$/bbl at 1.98$/bbl
  • Brent DEC 22-DEC 23 down -0.2$/bbl at 12.79$/bbl
  • US implied demand for distillates remains unexpectedly high, but gasoline continues to lag below seasonal norms. Extra supply risk from the upcoming sanctions on Russia could add further upside price risk during the winter heating season.
  • US 321 crack up 0.4$/bbl at 37.18$/bbl
  • US gasoline crack up 0.4$/bbl at 22.1$/bbl
  • US ULSD crack up 0.2$/bbl at 67.34$/bbl
    • Energy BulletsCommodities
    Energy BulletsCommodities

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