September 26, 2022 10:12 GMT
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- Brent briefly bounced back up to 86$/bbl before falling back as weak demand growth and a strong dollar are balanced against the possibility of a reaction from OPEC and other supply uncertainty. After the last OPEC meeting, the group indicated that they could take action at any time to address market developments if necessary.
- Gasoline and diesel cracks have found more support than crude recently due to low stocks and refinery outages and despite low US demand data. GasBuddy data suggests US gasoline demand holding up over the last couple weeks after a big drop at the start of September.
- Brent NOV 22 down -0.5% at 85.76$/bbl
- WTI NOV 22 down -0.5% at 78.36$/bbl
- Gasoil OCT 22 down -1.6% at 947.75$/mt
- European gas prices continue to pull back with front month TTF trading at the lowest since the end of July before Nord Stream pipeline flows were cut down from 40% capacity to zero.
- European gas storage continues to fill to 87.41% with the help of strong LNG supplies despite the reduced pipeline supplies from Russia. A recovery in supply from Norway is also helping as fields gradually return from maintenance.
- TTF OCT 22 down -8.5% at 169.75€/MWh
- US Natgas OCT 22 down -2.1% at 6.69$/mmbtu
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