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Crude Erases Decline as WTI-Brent Closes

OIL

WTI-Brent spread closing as it bounces between -5.5$/bbl and -6.6$/bbl this week.

  • Brent has pulled back more than WTI today although both are back near flat on the day this afternoon. The WTI Sep contract is due for expiry on Monday.
  • The ongoing wide spreads is helping to maintain strong US exports as European refiners try to source replacements for Russian barrels. Two cargoes have this month left US Gulf of Mexico with crude headed for Germany.
  • Brent OCT 22 down -0.3% at 96.32$/bbl
  • WTI SEP 22 up 0.2% at 90.67$/bbl
  • WTI-Brent up 0.42$/bbl at -6.09$/bbl
  • Brent OCT 22-NOV 22 down -0.15$/bbl at 0.68$/bbl
  • Brent DEC 22-DEC 23 up 0.04$/bbl at 8.18$/bbl
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