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  4. Oil Holds Near $105 as Demand for Fuels Offsets China Lockdowns
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Oil Holds Near $105 as Demand for Fuels Offsets China Lockdowns

(Bloomberg) -- Oil held above $105 a barrel as investors weighed higher demand for refined products against a slew of lockdowns in major cities in China. West Texas Intermediate...
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Oil Holds Near $105 as Demand for Fuels Offsets China Lockdowns © Reuters. Oil Holds Near $105 as Demand for Fuels Offsets China Lockdowns

(Bloomberg) -- Oil held above $105 a barrel as investors weighed higher demand for refined products against a slew of lockdowns in major cities in China.

West Texas Intermediate futures were little changed in early Asian trade after closing 0.5% higher on Monday. Record fuel exports from the U.S. Gulf Coast are draining local supplies, pushing diesel margins to a fresh high. The tightness reflects higher global demand for fuels, especially from Latin America, as supply remains low on the shunning of Russian cargoes.

Oil has been grappling with a tumultuous period of trading since Russia’s invasion of Ukraine in late February. Prices on Monday initially retreated as Beijing and Shanghai implemented stringent measures to contain a widespread Covid-19 outbreak, stoking concerns over demand.

Crude climbed for a fifth month in April, marking the longest monthly winning streak since January 2018. Still, concerns over an economic slowdown, persistently high inflation and an increasingly aggressive tightening rhetoric by Federal Reserve officials have continued to rattle the market, leaving prices vulnerable to big swings.

Brent remains in backwardation, a bullish structure where near-dated contracts are more expensive than later-dated ones. The benchmark’s prompt timespread closed at $1.61 a barrel in backwardation on Monday, compared with a high of $3.88 on March 8.

©2022 Bloomberg L.P.

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 EUR/USD1.0658↑ Sell
 GBP/USD1.2475↑ Sell
 USD/JPY157.91↑ Buy
 AUD/USD0.6469Neutral
 USD/CAD1.3780↑ Buy
 EUR/JPY168.32↑ Buy
 EUR/CHF0.9808Neutral
 Gold2,295.80↑ Sell
 Silver26.677↑ Sell
 Copper4.5305↑ Buy
 Crude Oil WTI81.14↑ Sell
 Brent Oil85.62↑ Sell
 Natural Gas1.946↑ Sell
 US Coffee C213.73↑ Sell
 Euro Stoxx 504,920.55↑ Sell
 S&P 5005,035.69↑ Sell
 DAX17,921.95↑ Sell
 FTSE 1008,144.13Sell
 Hang Seng17,763.03↑ Sell
 Small Cap 20001,973.05↑ Sell
 IBEX 3510,854.40Neutral
 BASF49.155↑ Sell
 Bayer27.35↑ Sell
 Allianz266.60↑ Sell
 Adidas226.40↑ Sell
 Lufthansa6.714Neutral
 Siemens AG175.90↑ Sell
 Deutsche Bank AG15.010Neutral
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