Brent Prompt Spread Pulls Back From Highest Since Nov

The prompt Brent time spread is falling back from the highest since mid November as crude turns back negative on the day. Backwardation however remains strong with support from OPEC supply cuts, a reduction in Kazakhstan supply and robust oil demand in the latest data from China.

• The moves in longer term time spreads have been more muted but Dec23-Dec24 spreads are still holding just below the highest since April seen last week.
• The prompt WTI spread is slightly weaker than Brent with the front month WTI-Brent spread drifting down from above -3.8$/bbl early last week back to -4.4$/bbl today.
  • Brent OCT 23 down -0.5% at 85.81$/bbl
  • WTI SEP 23 down -0.5% at 82.06$/bbl
  • WTI-Brent unchanged at -4.3$/bbl
  • Brent OCT 23-NOV 23 down -0.05$/bbl at 0.65$/bbl
  • Brent DEC 23-DEC 24 down -0.19$/bbl at 4.75$/bbl
  • WTI SEP 23-OCT 23 down -0.04$/bbl at 0.55$/bbl
  • WTI DEC 23-DEC 24 down -0.2$/bbl at 5.19$/bbl