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Crude Edges Higher and WTI-Brent Spread Regains Ground

OIL

Crude continues to edging up with the May 23 Brent contract still within yesterday’s trading range. The Apr23 contract expires today. Time spreads are also strengthening, through yesterday’s highs and up to 17 Feb levels.

  • The WTI-Brent spread is regaining ground to -6.65$/bbl having fallen to a low of -7.0$/bbl late last week. Weak US demand, building Cushing stocks levels and the potential for tighter Europe supplies due to Russian sanctions are all keeping the spread wide.
    • Brent MAY 23 up 1.1% at 82.96$/bbl
    • WTI APR 23 up 1.3% at 76.7$/bbl
    • WTI-Brent up 0.08$/bbl at -6.62$/bbl
    • Brent MAY 23-JUN 23 up 0.05$/bbl at 0.58$/bbl
    • Brent JUN 23-DEC 23 up 0.18$/bbl at 2.71$/bbl
    • WTI APR 23-MAY 23 up 0.02$/bbl at -0.11$/bbl
    • WTI JUN 23-DEC 23 up 0.21$/bbl at 2.36$/bbl
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