Crude Edging Higher Before OPEC+ Meeting

Brent and spreads continue to edge higher ahead of the OPEC+ meeting later today.

• It has been reported that a possible cut of 100kbpd to production targets may be considered which would reverse the token increase agreed last month for September. Alternatively, production targets may be left unchanged with the possibility of the meeting being left “in session” providing the potential for changes in production before the next meeting if required.
• Prompt time spreads are holding relatively steady, but outright crude and longer dated spreads are rallying. The Dec22-Dec23 spreads has regained much of the ground lost mid last week.
  • Brent NOV 22 up 2.9% at 95.7$/bbl
  • WTI OCT 22 up 2.7% at 89.2$/bbl
  • WTI-Brent down -0.27$/bbl at -6.89$/bbl
  • Brent NOV 22-DEC 22 up 0.11$/bbl at 1.32$/bbl
  • Brent DEC 22-DEC 23 up 1.68$/bbl at 10.77$/bbl
  • WTI OCT 22-NOV 22 down -0.01$/bbl at 0.38$/bbl
  • WTI DEC 22-DEC 23 up 1.6$/bbl at 9.8$/bbl