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Diesel Supply Fears Keep Brent Above $90/bbl

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Brent oil futures were back above $90 per barrel on expectations of a tight market for heating fuels this Northern Hemisphere winter. The continued displacement of Russian petroleum by the UK and EU remains the market's main driver. More support comes from Opec policy, constrained global refining capacity and the imminent end to US strategic reserve sales. Market tightness is largely focused on the middle of the barrel, especially diesel. International benchmark Brent lost just 38¢ per barrel over the week to close at $90.46/bbl Thursday, while US price pin WTI shed $1.61/bbl to end the week at $83.49/bbl.

Topics:
Jet Fuel, Diesel/Gasoil, Crude Oil, Oil Spot Markets
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