Crude Extends Decline on Modest China Growth Target

Crude extends the decline with modest China 2023 economic growth targets at the low end of expectations announced over the weekend.

• The prompt time spreads are relatively unchanged but the longer dated spreads are following the move lower. The Jun23-Dec23 spread is approaching the low seen on Friday and back to levels seen early last week. Prices briefly fell on Friday before rebounding after reports that UAE is internally debating whether to leave OPEC were later denied.
• The front month WTI-Brent spread is closing slightly in to -5.9$/bbl today from as low as nearly 7$/bbl late last month.
• Next May23 Brent Support is at the 3 Mar low of 92.36$/bbl and WTI Apr23 at 75.83$/bbl.
  • Brent MAY 23 down -1.5% at 84.52$/bbl
  • WTI APR 23 down -1.5% at 78.5$/bbl
  • WTI-Brent up 0.1$/bbl at -5.91$/bbl
  • Brent MAY 23-JUN 23 down -0.02$/bbl at 0.55$/bbl
  • Brent JUN 23-DEC 23 down -0.28$/bbl at 2.62$/bbl
  • WTI APR 23-MAY 23 down -0.01$/bbl at -0.12$/bbl
  • WTI JUN 23-DEC 23 down -0.2$/bbl at 2.26$/bbl