Crude and Time Spreads Edge Higher

Crude and time spreads continue to edge higher as tight supply concerns offset the economic slowdown and potential for weaker oil demand.

• In the last two days the prompt time spreads and longer dated Dec22-Dec23 spread have recovered the majority of losses seen over the previous week.
• The next technical resistance for Brent is at the Oct 12 high at 95.17 and WTI at the 50-day EMA of 87.24$/bbl. Support levels are at 88.67$/bbl for Brent and 82.09$/bbl for WTI.
  • Brent DEC 22 up 1.5% at 93.78$/bbl
  • WTI DEC 22 up 1.9% at 86.1$/bbl
  • Gasoil NOV 22 up 1.5% at 1091.5$/mt
  • WTI-Brent down -0.11$/bbl at -7.66$/bbl
  • Brent DEC 22-JAN 23 up 0.08$/bbl at 1.93$/bbl
  • Brent JAN 23-FEB 23 up 0.15$/bbl at 1.86$/bbl
  • Brent DEC 22-DEC 23 up 0.84$/bbl at 12.3$/bbl