Brent Spreads Continue to Rally

Prompt Brent spreads continue to rally with the front Sep-Oct spread up to nearly 4$/bbl from just 2.2$/bbl on 22^nd June. WTI spreads remain strong, but moves are more muted than for Brent.

• Outright crude prices are hovering near to close levels and just higher on the day, but WTI remains slightly weaker than Brent. The front WTI-Brent spread is falling further today down to -6.50$/bbl having closed at -6.24$/bbl on Friday. The fears of a US recession have sent the spread down from near 2$/bbl in mid-May.
• Brent SEP 22 up 0.6% at 112.34$/bbl
• WTI AUG 22 up 0.4% at 108.86$/bbl
• WTI-Brent down -0.49$/bbl at -6.5$/bbl
• Brent SEP 22-OCT 22 up 0.15$/bbl at 3.98$/bbl
• Brent DEC 22-DEC 23 up 0.12$/bbl at 12.96$/bbl
• WTI AUG 22-SEP 22 unchanged at 3.04$/bbl
• WTI DEC 22-DEC 23 up 0.04$/bbl at 13.38$/bbl