Crude Oil Futures Extend Gains As Recession Fears Ease; Outlook Remains Bullish

S&P Global2022-06-21

Crude oil futures were higher in mid-morning trade in Asia June 21, extending overnight gains as recessionary fears that plagued markets in recent weeks receded and investors returned focus to bullish...

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hphoa
2022-06-21
hphoa
K
HENRYCSC
2022-06-21
HENRYCSC
Ok
blessed_1
2022-06-21
blessed_1
Ok

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Cash differentials for Northwest European and Mediterranean gasoil cargoes hit record highs late last week.Meanwhile, stocks of diesel and gasoil in the Northwest European Amsterdam-Rotterdam-Antwerp hub fell 3.15% on the week to 1.41 million mt in the seven days to June 16, according to Insights Global data on June 17. Stocks were now 41% lower than a year earlier.European markets were in the midst of a severe gas shortage after Russia cut deliveries to the region, with some of the bullishness expected to spill over into oil.The Netherlands government June 20 triggered the country's gas crisis plan, which contains measures the country can take if there is a threat of a shortage of gas. The Danish government implemented a similar plan June 20.Germany, meanwhile, is advancing plans to reduce gas demand this summer in power generation and industry to boost storage for winter, the energy ministry said June 19.\"Disrupted flows will be a concern, given that Europe is in injection season, and will be trying to hit its target of having storage 80% full by 1 November,\" ING analysts Warren Patterson and Wenyu Yao said. \"If these reduced flows persist, this target may be difficult to achieve.\"Dubai crude swaps were higher in mid-morning trade in Asia June 21 from the previous close, though intermonth spreads were mixed.The August Dubai swap was pegged at $104.54/b at 10 am Singapore time (0200 GMT), up $3.18/b (3.14%) from the June 20 Asian market close.The July-August Dubai swap intermonth spread was pegged at $3.47/b at 10 am, down 4 cents/b over the same period, and the August-September intermonth spread was pegged at $2.44/b, up 6 cents/b.The August Brent-Dubai EFS was pegged at $11.27/b, up 29 cents/b.","kind":null,"is_publish_news":true,"is_publish_highlight":true,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[{"id":9049624496,"gmtCreate":1655787338215,"gmtModify":1676535705641,"author":{"id":"3578790486524477","authorId":"3578790486524477","name":"hphoa","avatar":"https://community-static.tradeup.com/news/28a11e936497493af7ee5ccdc32238a3","vip":1,"crmLevel":5,"crmLevelSwitch":0,"idStr":"3578790486524477","authorIdStr":"3578790486524477"},"htmlText":"K","listText":"K","text":"K","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9049624496","repostId":1128669679,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":9049686318,"gmtCreate":1655783928534,"gmtModify":1676535705137,"author":{"id":"3575091428590185","authorId":"3575091428590185","name":"HENRYCSC","avatar":"https://static.tigerbbs.com/6d47a6dec25b21dc547a5b982674c499","vip":1,"crmLevel":2,"crmLevelSwitch":0,"idStr":"3575091428590185","authorIdStr":"3575091428590185"},"htmlText":"Ok&nbsp;","listText":"Ok&nbsp;","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9049686318","repostId":1128669679,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":9049612440,"gmtCreate":1655782972880,"gmtModify":1676535704775,"author":{"id":"4112410321254552","authorId":"4112410321254552","name":"blessed_1","avatar":"https://community-static.tradeup.com/news/71622697830d9517eb67a61917d8a95f","vip":1,"hat":"https://static.tigerbbs.com/b073a07f77dbe6b3bec6b12311fde6bd","crmLevel":4,"crmLevelSwitch":1,"idStr":"4112410321254552","authorIdStr":"4112410321254552"},"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9049612440","repostId":1128669679,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"}],"isCommentEnd":false,"newsSizeData":{"likeSize":40,"commentSize":3,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.1","shortVersion":"4.29.1","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/1128669679"}