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Impulsive Rally Extends

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Crude Bearish Trend Resume

OIL

Brent and WTI bearish trends resume with high inflation driving economic concerns and US demand showing an impact from high pump prices.

  • Time spreads are also gradually easing back from high levels late last week. Backwardation is still steep but long dated spreads especially are following the bearish sentiment from the outright crude markets.
    • Brent SEP 22 down -2.2% at 97.33$/bbl
    • WTI AUG 22 down -2.8% at 93.64$/bbl
    • WTI-Brent down -0.22$/bbl at -6.09$/bbl
    • Brent SEP 22-OCT 22 down -0.12$/bbl at 3.16$/bbl
    • Brent DEC 22-DEC 23 down -0.95$/bbl at 7.4$/bbl
    • WTI AUG 22-SEP 22 down -0.08$/bbl at 2.39$/bbl
    • WTI DEC 22-DEC 23 down -0.97$/bbl at 7.94$/bbl
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Brent and WTI bearish trends resume with high inflation driving economic concerns and US demand showing an impact from high pump prices.

  • Time spreads are also gradually easing back from high levels late last week. Backwardation is still steep but long dated spreads especially are following the bearish sentiment from the outright crude markets.
    • Brent SEP 22 down -2.2% at 97.33$/bbl
    • WTI AUG 22 down -2.8% at 93.64$/bbl
    • WTI-Brent down -0.22$/bbl at -6.09$/bbl
    • Brent SEP 22-OCT 22 down -0.12$/bbl at 3.16$/bbl
    • Brent DEC 22-DEC 23 down -0.95$/bbl at 7.4$/bbl
    • WTI AUG 22-SEP 22 down -0.08$/bbl at 2.39$/bbl
    • WTI DEC 22-DEC 23 down -0.97$/bbl at 7.94$/bbl