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Brent Spreads Hold Steady as Front Month Edges Higher

OIL

Crude edging back up to recover some of yesterday losses but focus remains on weak near term demand and concern for the impact of further central bank rate hikes.

  • Time spreads remain relatively steady today with the Jun23-Dec23 and Dec23-Dec24 spreads holding just above the lowest since early Jan.
  • WTI is still slightly weaker than Brent with concern for the US economy, small SPR releases this year and higher Russian supply risks for Europe than US.
    • Brent APR 23 up 1% at 81.4$/bbl
    • WTI APR 23 up 1% at 74.71$/bbl
    • WTI-Brent down -0.12$/bbl at -6.7$/bbl
    • Brent APR 23-MAY 23 up 0.03$/bbl at 0.18$/bbl
    • Brent JUN 23-DEC 23 up 0.12$/bbl at 2.1$/bbl
    • Brent DEC 23-DEC 24 up 0.1$/bbl at 3.32$/bbl
    • WTI APR 23-MAY 23 unchanged at -0.24$/bbl
    • WTI JUN 23-DEC 23 up 0.06$/bbl at 1.63$/bbl

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