Crude Sheds Risk Premium Near $98; Diesel Crack Stays ~$106
Crude is giving back the war premium, but don't mistake that for a loosening market. Brent eased to roughly $98.19 a barrel Monday, down about 2% from Friday, as traders priced in a faster return of Middle East barrels and softer demand forecasts. WTI slipped to the mid-$94s. The catch is on the refined-product side, which hasn't budged: the ULSD crack spread is holding near a record $106 a barrel against roughly $30 a year earlier. This is a two-tier market, and the bottleneck is refining, not the barrel in the ground. See our crude oil coverage for the supply-side read.
Key Takeaways Brent trades near $98.19 and WTI near $94.65 as the Middle East risk premium unwinds on Saudi pipeline-recov…
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