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Crude Eases Back From Earlier Supply Driven Gains

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Crude is drifting off from earlier highs after Iraq aims to resume pumping oil through Turkey this afternoon following safety checks according to SOMO.

  • Supply issues in Turkey and Norway had supported the rally in Brent crude earlier today.
  • Crude time spreads are also easing back in line with the move in the front month futures.
    • Brent APR 23 up 1% at 81.84$/bbl
    • WTI MAR 23 up 1.4% at 75.12$/bbl
    • WTI-Brent up 0.13$/bbl at -6.39$/bbl
    • Brent APR 23-MAY 23 unchanged at 0.28$/bbl
    • Brent JUN 23-DEC 23 up 0.1$/bbl at 2.42$/bbl
    • Brent DEC 23-DEC 24 up 0.15$/bbl at 4.03$/bbl
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Crude is drifting off from earlier highs after Iraq aims to resume pumping oil through Turkey this afternoon following safety checks according to SOMO.

  • Supply issues in Turkey and Norway had supported the rally in Brent crude earlier today.
  • Crude time spreads are also easing back in line with the move in the front month futures.
    • Brent APR 23 up 1% at 81.84$/bbl
    • WTI MAR 23 up 1.4% at 75.12$/bbl
    • WTI-Brent up 0.13$/bbl at -6.39$/bbl
    • Brent APR 23-MAY 23 unchanged at 0.28$/bbl
    • Brent JUN 23-DEC 23 up 0.1$/bbl at 2.42$/bbl
    • Brent DEC 23-DEC 24 up 0.15$/bbl at 4.03$/bbl