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OIL
Crude backwardation has strengthened following the surge in crude futures after comments from Russia’s Novak saying that Russia plans to cut March output by 500kbpd.
- Other short term supply distribution had already supported a rally of Brent crude up from below 80$/bbl at the start of this week.
- The Brent prompt spread is up from a low of 0.12$/bbl on 2 Feb to the highest since November to a peak of 0.50$/bbl following the Novak comments.
- Russian output has so far remained stronger than the original market expectations despite the EU and G7 sanctions. The robust Russian supply along with economic demand concerns had driven longer dated spreads lower last week. Longer dated spreads have regained much of those losses from early Feb on the tighter supply concerns.
- Brent APR 23 up 2.4% at 86.49$/bbl
- WTI MAR 23 up 2.4% at 79.97$/bbl
- Brent APR 23-MAY 23 up 0.04$/bbl at 0.48$/bbl
- Brent JUN 23-DEC 23 up 0.33$/bbl at 3.28$/bbl
- WTI MAR 23-APR 23 up 0.03$/bbl at -0.18$/bbl
- WTI JUN 23-DEC 23 up 0.33$/bbl at 2.98$/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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