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Crude extends Gains Following Ecuador Force Majeure

OIL

Crude extends gains following the news of a force majeure on oil exports from Ecuador to safeguard domestic supply with an erosion risk to its major pipelines. Construction of new pipelines to bypass the area are expected to take 7 to 10 days.

  • Ecuador produced 463kbpd in Jan 2023 according to Rystad data.
  • Time spreads are flowing the move higher with concern for the tighter supplies.
  • Brent APR 23 up 2% at 82.21$/bbl
  • WTI APR 23 up 2.2% at 75.6$/bbl
  • Brent APR 23-MAY 23 up 0.07$/bbl at 0.22$/bbl
  • Brent JUN 23-DEC 23 up 0.31$/bbl at 2.29$/bbl

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