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Crude Bouncing Within 82.5$/bbl and 83.6$/bbl Range

OIL

Brent crude front month is today bouncing between about 82.5$/bbl and 83.6$/bbl with economic demand concerns balanced against a potential China recovery and near term supply issues with the Russian production cut in March and with disrupted Druzhba pipeline flows to PKN Orlen in Poland.

  • Transneft has begun to transport Kazakh oil via Poland to Germany after KazTransOil delivered the oil to the main Transneft pipeline system. A halt to oil flow towards PKN Orlen via the Druzhba pipeline as routing orders with payments were not processed had earlier today provided some support.
  • The prompt Brent spread is trading slightly down on the day with the WTI spread still in contango due to weak US demand. Longer dated spreads are steady and relatively unchanged on the day.
    • Brent APR 23 down -0.2% at 83$/bbl
    • WTI APR 23 down -0.1% at 76.21$/bbl
    • WTI-Brent down -0.04$/bbl at -6.77$/bbl
    • Brent APR 23-MAY 23 down -0.05$/bbl at 0.29$/bbl
    • Brent JUN 23-DEC 23 up 0.02$/bbl at 2.49$/bbl
    • WTI APR 23-MAY 23 down -0.01$/bbl at -0.16$/bbl
    • WTI JUN 23-DEC 23 up 0.02$/bbl at 2.03$/bbl
Energy BulletsCommodities
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