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Crude Extends Gains on Speculation of China Covid Easing

OIL

Crude extends gains with speculation over easing China covid restrictions supporting both flat price and longer term time spreads.

  • Brent Jan23 has broken through the first resistance with the front month continuation trading at the highest since Oct 10.
  • Prompt crude time spreads are however holding steady as the market watches for more detail on the impact of EU sanctions and the G7 price cap on Russian output.
    • Brent JAN 23 up 2.9% at 97.43$/bbl
    • WTI DEC 22 up 3.4% at 91.13$/bbl
    • WTI-Brent up 0.13$/bbl at -7.36$/bbl
    • Brent JAN 23-FEB 23 up 0.05$/bbl at 1.65$/bbl
    • Brent FEB 23-MAR 23 up 0.06$/bbl at 1.57$/bbl
    • Brent JUN 23-DEC 23 up 0.37$/bbl at 4.53$/bbl
    • Brent DEC 23-DEC 24 up 0.39$/bbl at 5.94$/bbl

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