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Weaker crude on lower  China oil demand

OIL

Crude trading lower today as Brent continues to bounce between the 102$/bbl and 113$/bbl range from last week. Chinese demand and global economic growth concerns are driving prices lower but balanced against Russia supply reductions with an EU ban still being discussed.

  • Brent JUL 22 down -1.4% at 109.99$/bbl
  • WTI JUN 22 down -1.1% at 109.26$/bbl
  • Gasoil JUN 22 down -2.3% at 1081.25$/mt
  • Lower oil demand from China is feeding bearish sentiment as covid lockdowns impact their industrial output and consumer spending. China’s apparent oil demand fell 6.7% to 12.09mbpd in April. Shanghai are showing signs of improvement with possible easing of restrictions to come as there have been no cases outside quarantine for 2 days.
  • EU will today continue negotiations regarding their ban on Russia oil by the end of the year. So far Hungary have been the main member blocking the agreement of a deal despite more time offered for them to comply.
  • Crude time spreads have drifted down but the curve remains strongly backwardated with Jul-Aug at 1.68$/bbl and Dec22-Dec23 at 12.05$/bbl
Energy BulletsCommodities
Energy BulletsCommodities

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