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Brent Steady but Prompt Spread Declines

OIL

The Brent crude prompt spread is trading down from 0.26$/bbl to 0.17$/bbl this morning while the wider market holds steady.

  • Time spreads have eased back over the last week as the market has focused on economic growth and with robust Russian oil output. The forward curve remains strongly backwardated with concern for Russian oil output and optimism for global oil demand growth this year.
  • Russian crude and product supplies have remained strong despite the sanctions on seaborne Russian crude since the start of December. Refined product exports have been boosted by strong demand as Europe has tried to fill storage ahead of the product ban this weekend.
    • Brent APR 23 up 0.1% at 82.92$/bbl
    • WTI MAR 23 up 0.3% at 76.63$/bbl
    • WTI-Brent up 0.05$/bbl at -5.97$/bbl
    • Brent APR 23-MAY 23 down -0.09$/bbl at 0.17$/bbl
    • Brent JUN 23-DEC 23 up 0.01$/bbl at 2.61$/bbl
    • Brent DEC 23-DEC 24 down -0.02$/bbl at 4.15$/bbl


Source: Bloomberg

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