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Crude and Spreads Bounce Positive on the Day


Crude and spreads bounce back positive on the day with concern for future Russian supply weighed against economic demand concerns.

  • Putin has again today stated that Russia won’t supply oil, fuel or gas to nations introducing a price cap on Russian supply. China and India have increased Russian crude imports this year, taking advantage of the discounted price. For the G7 oil price cap plan to be effective it will most likely require agreement from India and China, but they will in no hurry to agree.
    • Brent NOV 22 up 1% at 93.73$/bbl
    • WTI OCT 22 up 0.9% at 87.7$/bbl
    • WTI-Brent down -0.1$/bbl at -6.45$/bbl
    • Brent NOV 22-DEC 22 up 0.13$/bbl at 0.99$/bbl
    • Brent DEC 22-DEC 23 up 0.67$/bbl at 9.76$/bbl

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