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Volatile Crude Market After Keystone Outage

OIL

Oil swings with a leak and outage of the Keystone pipeline adding to the high market volatility.

  • WTI is back down on the day after surging up to 75.3$/bbl after news of the pipeline leak.
  • Weak oil demand is weighing on crude markets with the upside risk from Russian supply disruption and the potential for a recovery in Chinese oil demand.
  • Crude tanker flows are still disrupted by a blockage at a key route through the Bosphorus Strait as the Turkish government checks insurance papers from passing vessels following the Russian oil price cap.
    • Brent FEB 23 down -1.1% at 76.3$/bbl
    • WTI JAN 23 down -0.4% at 71.73$/bbl
    • WTI-Brent up 0.29$/bbl at -4.46$/bbl
    • WTI JAN 23-FEB 23 up 0.16$/bbl at -0.11$/bbl
    • WTI JUN 23-DEC 23 up 0.15$/bbl at 1.18$/bbl
    • WTI DEC 23-DEC 24 down -0.26$/bbl at 2.65$/bbl
Energy BulletsCommodities
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