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Crude Extends Decline on Demand Concerns

OIL

Crude decline continues on global demand concerns and no demand recovery expected from China yet. US inflation data later may provide guidance as to future Fed rate decisions.

  • Longer dated time spreads are following the move lower but prompt spreads remain supported by supply uncertainty.
    • Brent JAN 23 down -0.9% at 91.77$/bbl
    • WTI DEC 22 down -1.2% at 84.78$/bbl
    • WTI-Brent down -0.23$/bbl at -7.81$/bbl
    • Brent JAN 23-FEB 23 up 0.02$/bbl at 1.46$/bbl
    • Brent FEB 23-MAR 23 down -0.01$/bbl at 1.29$/bbl
    • Brent JUN 23-DEC 23 down -0.06$/bbl at 4.09$/bbl
    • Brent DEC 23-DEC 24 down -0.22$/bbl at 5.13$/bbl
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Crude decline continues on global demand concerns and no demand recovery expected from China yet. US inflation data later may provide guidance as to future Fed rate decisions.

  • Longer dated time spreads are following the move lower but prompt spreads remain supported by supply uncertainty.
    • Brent JAN 23 down -0.9% at 91.77$/bbl
    • WTI DEC 22 down -1.2% at 84.78$/bbl
    • WTI-Brent down -0.23$/bbl at -7.81$/bbl
    • Brent JAN 23-FEB 23 up 0.02$/bbl at 1.46$/bbl
    • Brent FEB 23-MAR 23 down -0.01$/bbl at 1.29$/bbl
    • Brent JUN 23-DEC 23 down -0.06$/bbl at 4.09$/bbl
    • Brent DEC 23-DEC 24 down -0.22$/bbl at 5.13$/bbl