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Brent Backwardation Falls on Easing Tight Supply

OIL

Brent front spread falls to lowest since mid May as the return of Libya supply offers some relief to the tight crude market.

Longer term spreads are also declining with the Brent 2-12 spread the lowest since April at 8.87$/bbl having started the year at around 5$/bbl and reached a peak of 25$/bbl in March.

  • Brent OCT 22 down -1.2% at 98.85$/bbl
  • WTI SEP 22 down -1.1% at 92.88$/bbl
  • Brent OCT 22-NOV 22 down -0.27$/bbl at 1.81$/bbl
  • Brent NOV 22-DEC 22 down -0.15$/bbl at 1.33$/bbl
  • Brent DEC 22-DEC 23 down -0.48$/bbl at 8.6$/bbl

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