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Brent Rallies Faster than WTI on Russia Supply Concern

OIL

Crude pushing higher as optimism for Chinese oil demand and concern for Russia oil output both provide market support.

  • The potential impact of lower Russian output is driving Brent up faster than WTI with the Brent premium increasing from around 6$/bbl to 6.5$/bbl today.
  • The prompt time spread is now in backwardation for the first time since the start of the year and longer dated spreads are near the highest levels since mid November.
  • The next technical resistance for Brent Mar23 is at the 1 Dec high at 89.18$/bbl.
    • Brent MAR 23 up 1.6% at 89.03$/bbl
    • WTI MAR 23 up 1.1% at 82.55$/bbl
    • Gasoil FEB 23 up 2.9% at 1011.75$/mt
    • WTI-Brent down -0.55$/bbl at -6.49$/bbl
    • Brent MAR 23-APR 23 up 0.13$/bbl at 0.08$/bbl
    • Brent JUN 23-DEC 23 up 0.17$/bbl at 3.28$/bbl
    • Brent DEC 23-DEC 24 up 0.32$/bbl at 5.81$/bbl
Energy BulletsCommodities
Energy BulletsCommodities

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