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Crude Falls on Report of Possible OPEC Target Production Increase

OIL

Crude futures and time spreads fall further as reports suggest OPEC may consider a production target increase of up to 500kbpd. The market was already edging lower on Chinese and global oil demand concerns and with a stronger dollar.

  • The prompt Brent spread is down to 0.13$/bbl from over 1.5$/bbl a week ago with short term supplies reducing the forward curve backwardation. Russian output concerns due to the EU ban and the G7 price cap from Dec 5 are keeping longer dated spreads stronger than at the front of the curve.
    • Brent JAN 23 down -2.5% at 85.43$/bbl
    • WTI JAN 23 down -2.4% at 78.19$/bbl
    • WTI-Brent up 0.32$/bbl at -7.29$/bbl
    • Brent JAN 23-FEB 23 down -0.37$/bbl at 0.1$/bbl
    • Brent JUN 23-DEC 23 down -0.34$/bbl at 3.09$/bbl
    • Brent DEC 23-DEC 24 down -0.49$/bbl at 3.8$/bbl
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