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Crude Backwardation Strengthens as Crude Rallies

OIL

Crude time spreads are following the rally in crude futures with the Brent and WTI Dec23-Dec24 spreads trading up to the highest since mid November. Crude continues to be supported by optimism for Chinese demand this year as well as uncertainty over Russian output following the EU oil products ban early in Feb.

  • The Brent Dec23-Dec24 spread has increased from a low of around 3$/bbl last week up to 5.6$/bbl. WTI has rallied from just above 3$/bbl up to over 6$/bbl.
  • The prompt spreads are holding in contango suggesting ample near term supplies with data suggesting current demand is still below normal.
    • Brent MAR 23 up 1.6% at 87.27$/bbl
    • WTI FEB 23 up 1.9% at 81.72$/bbl
    • WTI-Brent up 0.08$/bbl at -5.28$/bbl
    • Brent MAR 23-APR 23 up 0.01$/bbl at -0.16$/bbl
    • Brent JUN 23-DEC 23 up 0.37$/bbl at 3.38$/bbl
    • Brent DEC 23-DEC 24 up 0.44$/bbl at 5.65$/bbl
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