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Time Spreads Lower on Easing Supply Tightness

OIL

Crude stable this morning after Brent recovered from below 94$ yesterday.

  • Talks with Iran have made “relative advances” towards reviving a nuclear deal after talks yesterday. EU diplomats presented US and Iran with a final draft for a proposal for the restoration of the JCPoA nuclear accords. They now need to decide if the draft is acceptable.
    • Brent OCT 22 down -0.2% at 96.5$/bbl
    • WTI SEP 22 down -0.1% at 90.65$/bbl
    • Gasoil AUG 22 up 0.4% at 957.25$/mt
    • WTI-Brent down -0.01$/bbl at -6.68$/bbl
  • Oil sentiment is bearish due to both potential weaker demand from recession concerns and with easing supply tightness. Oil backwardation continues to soften with WTI prompt spread the lowest since mid April and Gasoil spread the lowest since January.
    • WTI SEP 22-OCT 22 down -0.02$/bbl at 0.81$/bbl
    • WTI DEC 22-DEC 23 down -0.02$/bbl at 7.54$/bbl
  • Crack spreads are volatile but are net drifting slightly lower. US pump prices continue to fall with the average now near 4$/gal but this has not yet been seen to boost the weak demand data.
    • US gasoline crack down -0.4$/bbl at 30.65$/bbl
    • US ULSD crack up 0.7$/bbl at 43.98$/bbl
Energy BulletsCommodities
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