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Brent Crude Falls to Lowest Since Dec 2021

OIL

Crude oil markets extend the decline since 7 March with front month Brent now trading the lowest since Dec 2021.

  • Long dated time spreads continue to follow the flat price moves as the curve backwardation softens. The Dec23-Dec24 spread is trading down towards the Dec 2022 lows as global economic concerns outweigh optimism for Chinese demand.
  • The second month Brent put skew continues to widen to -8.2% with the market looking for increasing downside protection.
    • Brent MAY 23 down -3.5% at 74.75$/bbl
    • WTI APR 23 down -3.8% at 68.6$/bbl
    • Brent MAY 23-JUN 23 down -0.1$/bbl at 0.35$/bbl
    • Brent JUN 23-DEC 23 down -0.41$/bbl at 1.47$/bbl
    • Brent DEC 23-DEC 24 down -0.89$/bbl at 2.36$/bbl

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