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Crude Edges Back Up Ahead of Updated US Inventories

OIL

Crude futures and time spreads are holding steady today with front month futures recovering some ground from the small earlier losses.

  • The declining US inventories are in focus later today as the updated crude and Cushing inventories are expected to show another decline. Crude stocks last week fell to the lowest since December as the latest Saudi and Russia put even more pressure on the already tight global inventories.
  • WTI-Brent front month spread is seeing small gains up to -3.76$/bbl compared to between -4 and -4.5$/bbl seen in late August.
    • Brent NOV 23 down -0.3% at 90.34$/bbl
    • WTI OCT 23 down -0.3% at 87.3$/bbl
    • WTI-Brent up 0.05$/bbl at -3.76$/bbl
    • Brent NOV 23-DEC 23 down -0.04$/bbl at 0.7$/bbl
    • Brent DEC 23-DEC 24 down -0.15$/bbl at 7.13$/bbl
    • WTI OCT 23-NOV 23 down -0.04$/bbl at 0.71$/bbl
    • WTI DEC 23-DEC 24 down -0.15$/bbl at 7.71$/bbl

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