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Brent Spreads Fall on Easing Supply Fears

OIL

The Brent prompt spread has fallen to the lowest since mid Aug at 1.01$/bbl after supply risks ease and following the OPEC meeting yesterday.

  • Various supply risks such as Iraq, Libya and uncertainty of OPEC had driven the spread out as much as 2.1$/bbl. Other supply issues such as CPC flows, Iran nuclear deal delays and more possible future Russian disruption are keeping the forward curve backwardated.
    • Brent NOV 22 down -3.2% at 92.68$/bbl
    • WTI OCT 22 down -0.4% at 86.53$/bbl
    • WTI-Brent up 0.14$/bbl at -6.53$/bbl
    • Brent NOV 22-DEC 22 down -0.3$/bbl at 1.04$/bbl
    • Brent DEC 22-DEC 23 down -1.37$/bbl at 9.4$/bbl

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