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OIL
Crude time spreads have mostly followed a rally in crude futures over the last couple of weeks.
- The Brent Jun23-Dec spread has risen from around 1.5$/bbl on 10 Jan to 3.01$/bbl today. The Brent Dec23-Dec24 spreads is up from around 3.0$/bbl to near the highest since mid November at 5.3$/bbl.
- The strengthening spreads are supported by optimism for a demand recovery this year driven mainly from China and with concern for Russian oil supplies following the EU ban on 5 Feb.
- Weak near term demand has kept the prompt time spreads relatively unchanged and still in contango with recent data suggesting below normal demand in US and China.
- Brent MAR 23 up 0.5% at 86.63$/bbl
- WTI MAR 23 up 0.6% at 81.06$/bbl
- Brent MAR 23-APR 23 up 0.01$/bbl at -0.14$/bbl
- Brent JUN 23-DEC 23 up 0.08$/bbl at 3$/bbl
- Brent DEC 23-DEC 24 up 0.13$/bbl at 5.27$/bbl
Source: Bloomberg
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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