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Crude Backwardation Softens Further

OIL

Crude maintaining just above previous support levels from earlier after 8% fall since the peak during the day on Friday.

  • Time spreads are extending their decline as market fears for tight supply reduce. Resilient Russian supply combined with aims from OPEC members such as Nigeria and Libya to boost supplies are helping to ease forward curve backwardation.
  • Brent OCT 22 down -5% at 93.22$/bbl
  • WTI SEP 22 down -5.3% at 87.2$/bbl
  • WTI-Brent up 0.17$/bbl at -6.55$/bbl
  • Brent OCT 22-NOV 22 down -0.3$/bbl at 0.95$/bbl
  • Brent DEC 22-DEC 23 down -1.3$/bbl at 6.64$/bbl

Source: Bloomberg

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Crude maintaining just above previous support levels from earlier after 8% fall since the peak during the day on Friday.

  • Time spreads are extending their decline as market fears for tight supply reduce. Resilient Russian supply combined with aims from OPEC members such as Nigeria and Libya to boost supplies are helping to ease forward curve backwardation.
  • Brent OCT 22 down -5% at 93.22$/bbl
  • WTI SEP 22 down -5.3% at 87.2$/bbl
  • WTI-Brent up 0.17$/bbl at -6.55$/bbl
  • Brent OCT 22-NOV 22 down -0.3$/bbl at 0.95$/bbl
  • Brent DEC 22-DEC 23 down -1.3$/bbl at 6.64$/bbl