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Oil Products Rebound as Crude Drifts off Highs

OIL

Oil drifts down from highs on Wednesday but still up from the end of last week.

  • Brent AUG 22 down -0.3% at 122.76$/bbl
  • WTI JUL 22 down -0.2% at 121.22$/bbl
  • Gasoil JUL 22 down -0.2% at 1304.75$/mt
  • WTI-Brent down -0.05$/bbl at -3.94$/bbl
  • Supply side concerns have continued to drive crude higher with falling Russian supplies not so far covered by OPEC or US barrels.
  • Uncertainty over how quickly Chinese demand may recover has resurfaced after Shanghai reinstated covid restrictions on 7 districts this weekend to conduct testing. If further cases are found it could result in the implementation of longer restrictions.
  • After a volatile couple of days, the oil product markets are again back near highs from the start of the week. Oil product stocks are at very low levels and missing Russian barrels combined with limited refining capacity are impacting supply. Despite high pump prices demand has stayed strong and the US summer driving season is expected to maintain consumption and keep prices high.
  • The tight markets are maintaining the strong backwardation of the forward curve with spreads either at record highs or at least the highest since March.
  • Brent AUG 22-SEP 22 unchanged $/bbl at 2.77$/bbl
  • Brent DEC 22-DEC 23 down -0.1$/bbl at 15.57$/bbl
Energy BulletsCommodities
Energy BulletsCommodities

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