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Crude Eases Back After Spike Higher on Saudi and Russia Cuts

OIL

Crude futures and time spreads ease back after the initial spike higher following the announcement of an extended production cut by Saudi Arabia and export cut by Russia until the end of the year.

  • Front month Brent surged to a high of almost 90.7$/bbl on high trading volumes before pulling back below 90$/bbl.
  • The prompt Brent spread has lost most of the gains seen since the announcement although remains significantly higher than levels seen in mid to late August.
    • Brent NOV 23 up 0.8% at 89.69$/bbl
    • WTI OCT 23 up 1.3% at 86.63$/bbl (vs 1 Sep close)
    • Brent NOV 23-DEC 23 down -0.04$/bbl at 0.71$/bbl
    • Brent DEC 23-JAN 24 up 0.06$/bbl at 0.76$/bbl
    • Brent DEC 23-DEC 24 up 0.28$/bbl at 6.36$/bbl
Energy BulletsCommodities
Energy BulletsCommodities

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