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Brent Curve in Contango Until May 2023


The Brent crude forward continues to soften with the prompt spreads negative and the curve in contango until May 2023.

  • Near term supplies are maintaining with no clear sign yet of a significant reduction in Russian output following the EU sanctions and G7 price cap. Weak demand is also weighing on prices with concern for the impact of a recession on oil demand growth. The latest EIA data released yesterday showed a weekly decline in both diesel and gasoline implied demand.
  • Brent FEB 23 up 0.7% at 77.71$/bbl
  • WTI JAN 23 up 0.9% at 72.64$/bbl
  • Brent FEB 23-MAR 23 up 0.05$/bbl at -0.37$/bbl
  • Brent MAR 23-APR 23 up 0.07$/bbl at -0.17$/bbl
  • Brent JUN 23-DEC 23 up 0.1$/bbl at 1.38$/bbl
  • Brent DEC 23-DEC 24 down -0.05$/bbl at 2.55$/bbl

Source: Bloomberg

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