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Crude Extends Decline on Easing Supply Fears

OIL

Crude extends decline as fears of possible supply disruption in Iraq ease

  • Brent front month is falling faster than WTI therefore closing the spread from 8$/bbl to nearly 7$/bbl. The Brent Oct contract expires tomorrow.
  • Crude backwardation is also softer with the Brent prompt spread down about 0.9$/bbl from a peak of 2.17$/bbl late yesterday. The longer dated Dec-Dec spread has lost some of the gains from yesterday but is still maintaining strength on wider supply concerns.
    • Brent OCT 22 down -3.4% at 101.49$/bbl
    • WTI OCT 22 down -2.7% at 94.38$/bbl
    • WTI-Brent up 0.85$/bbl at -7.12$/bbl
    • Brent OCT 22-NOV 22 down -0.84$/bbl at 1.32$/bbl
    • Brent NOV 22-DEC 22 down -0.36$/bbl at 1.63$/bbl
    • Brent DEC 22-DEC 23 down -0.95$/bbl at 11.43$/bbl
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