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Brent Crude Hovering Around 80$/bbl with WTI Discount Trending Lower

OIL

Crude remains steady with Brent front month hovering just above 80$/bbl.

  • Brent crude has remained rangebound between 79 and 81$/bbl so far today with concern for central bank rate hikes and recession offset against optimism for China oil demand next year.
  • The Brent-WTI spread is still trending higher with declining SPR withdrawals and signs of the US intention to start refilling stocks next year. The possibility of the purchase of 3mbbls in February reported late last week is only a fraction of the 212mbbls withdrawn from the SPR so far this year.
    • Brent FEB 23 up 0.4% at 80.13$/bbl
    • WTI FEB 23 up 0.5% at 75.77$/bbl
    • WTI-Brent up 0.01$/bbl at -4.35$/bbl
    • Brent FEB 23-MAR 23 down -0.06$/bbl at -0.4$/bbl
    • Brent JUN 23-DEC 23 up 0.19$/bbl at 2.19$/bbl

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