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Brent spreads push higher

BRENT CURVE

Brent backwardation builds yet further at the front of the curve.

  • The Brent 1-2 spread has pushed up from 0.35$/bbl from this morning to 3.49$/bbl
  • Brent 2-3 spread is up 0.25$/bbl to 2.83$/bbl and Dec22-Dec23 steady at 13.83$/bbl.
  • Moves in WTI spreads have been more muted and only slightly up on the day. WTI 1-2 at 2.86$/bbl and Dec22-Dec23 at 14.39$/bbl

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