June 24, 2022 14:36 GMT
Prompt spreads drive steeper crude backwardation as crude regains some losses.
- The front time spreads in both Brent and WTI continue to push higher with Brent up to 3.81$/bbl and the highest since May when the spread reached 4.07$/bbl.
- The concerns over longer term demand growth however are weighing on the Dec-Dec spread which has reversed earlier gains and now trading lower on the day.
- The Brent front month contract has recovered lost ground from the last couple of days and is back up towards 113$/bbl.
- WTI-Brent has also turned and now trading up on the day.
- Brent AUG 22 up 2.6% at 112.92$/bbl
- WTI AUG 22 up 3.1% at 107.5$/bbl
- WTI-Brent up 0.31$/bbl at -5.41$/bbl
- Brent AUG 22-SEP 22 up 0.22$/bbl at 3.81$/bbl
- Brent DEC 22-DEC 23 down -0.23$/bbl at 11.63$/bbl