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Crude Backwardation Softens

OIL

Backwardation in crude is relatively stable today but has fallen significantly over the last few weeks.

  • Time spreads remain near close levels despite the rise in outright crude futures today. Spreads have fallen due to signs that Russian supply is redirected rather than missing, the return of Libya supply, the ongoing SPR release, the show of willing from OPEC with a small increase announced last week and now renewed hope from Iran nuclear talks.
  • The prompt WTI spread is maintaining the lowest levels since January with the longer dated Dec-Dec spread approaching the Mar and Apr lows.
  • Brent OCT 22 up 0.9% at 97.52$/bbl
  • WTI SEP 22 up 1% at 91.66$/bbl
  • WTI SEP 22-OCT 22 up 0.01$/bbl at 0.84$/bbl
  • WTI DEC 22-DEC 23 down -0.1$/bbl at 7.46$/bbl

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Backwardation in crude is relatively stable today but has fallen significantly over the last few weeks.

  • Time spreads remain near close levels despite the rise in outright crude futures today. Spreads have fallen due to signs that Russian supply is redirected rather than missing, the return of Libya supply, the ongoing SPR release, the show of willing from OPEC with a small increase announced last week and now renewed hope from Iran nuclear talks.
  • The prompt WTI spread is maintaining the lowest levels since January with the longer dated Dec-Dec spread approaching the Mar and Apr lows.
  • Brent OCT 22 up 0.9% at 97.52$/bbl
  • WTI SEP 22 up 1% at 91.66$/bbl
  • WTI SEP 22-OCT 22 up 0.01$/bbl at 0.84$/bbl
  • WTI DEC 22-DEC 23 down -0.1$/bbl at 7.46$/bbl