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Brent Prompt Spread Back in Contango As Crude Rallies

OIL

Crude oil and longer dated time spreads recover ground lost earlier in the week as EU members are yet to agree on the oil price cap details with the G7 waiting on the decision.

  • The prompt Brent time spread however continues to drift lower with the spread once again turning into contango after also briefly trading negative yesterday.
    • Brent JAN 23 up 1.7% at 86.81$/bbl
    • WTI JAN 23 up 2.4% at 79.82$/bbl (vs Nov 23 close)
    • WTI-Brent up 0.1$/bbl at -6.99$/bbl
    • Brent JAN 23-FEB 23 down -0.12$/bbl at -0.02$/bbl
    • Brent FEB 23-MAR 23 up 0.09$/bbl at 0.23$/bbl
    • Brent JUN 23-DEC 23 up 0.26$/bbl at 3.06$/bbl
    • Brent DEC 23-DEC 24 up 0.29$/bbl at 4.26$/bbl
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Crude oil and longer dated time spreads recover ground lost earlier in the week as EU members are yet to agree on the oil price cap details with the G7 waiting on the decision.

  • The prompt Brent time spread however continues to drift lower with the spread once again turning into contango after also briefly trading negative yesterday.
    • Brent JAN 23 up 1.7% at 86.81$/bbl
    • WTI JAN 23 up 2.4% at 79.82$/bbl (vs Nov 23 close)
    • WTI-Brent up 0.1$/bbl at -6.99$/bbl
    • Brent JAN 23-FEB 23 down -0.12$/bbl at -0.02$/bbl
    • Brent FEB 23-MAR 23 up 0.09$/bbl at 0.23$/bbl
    • Brent JUN 23-DEC 23 up 0.26$/bbl at 3.06$/bbl
    • Brent DEC 23-DEC 24 up 0.29$/bbl at 4.26$/bbl