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Crude Flat Price and Time Spreads Drift Lower

OIL

Crude prices are drifting lower on economic slowdown concerns, no sign yet of a change to the China covid policy and a slightly stronger USD.

  • EIA US inventory data is due out later today with expectation of a small draw in both crude the refined products. API data last night showed a build in crude and gasoline and a draw in distillates.
  • Time spreads are also drifting lower while the front WTI-Brent spread remains stable.
    • Brent JAN 23 down -0.8% at 94.62$/bbl
    • WTI DEC 22 down -0.8% at 88.18$/bbl
    • WTI-Brent up 0.02$/bbl at -7.35$/bbl
    • Brent JAN 23-FEB 23 up 0.01$/bbl at 1.39$/bbl
    • Brent FEB 23-MAR 23 unchanged at 1.34$/bbl
    • Brent JUN 23-DEC 23 down -0.09$/bbl at 4.35$/bbl
    • Brent DEC 23-DEC 24 down -0.21$/bbl at 5.66$/bbl
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