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Crude Futures and Spreads Losing Friday Gains

OIL

Crude continues to drift lower as the US dollar strengthens and with covid cases rising in China

  • The market is easing back after optimism for Chinese oil demand supported prices following the more targeted covid policy. International travel and quarantine restrictions have been eased and China has issued a rescue package aimed to boost the struggling property market.
  • Time spreads are following the move lower while the WTI-Brent spread is holding steady just below -8$/bbl.
    • Brent JAN 23 down -1.3% at 94.75$/bbl
    • WTI DEC 22 down -1.5% at 87.63$/bbl
    • WTI-Brent down -0.05$/bbl at -7.87$/bbl
    • Brent JAN 23-FEB 23 down -0.12$/bbl at 1.46$/bbl
    • Brent FEB 23-MAR 23 down -0.08$/bbl at 1.35$/bbl
    • Brent JUN 23-DEC 23 down -0.2$/bbl at 4.59$/bbl
    • Brent DEC 23-DEC 24 down -0.26$/bbl at 5.67$/bbl
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Crude continues to drift lower as the US dollar strengthens and with covid cases rising in China

  • The market is easing back after optimism for Chinese oil demand supported prices following the more targeted covid policy. International travel and quarantine restrictions have been eased and China has issued a rescue package aimed to boost the struggling property market.
  • Time spreads are following the move lower while the WTI-Brent spread is holding steady just below -8$/bbl.
    • Brent JAN 23 down -1.3% at 94.75$/bbl
    • WTI DEC 22 down -1.5% at 87.63$/bbl
    • WTI-Brent down -0.05$/bbl at -7.87$/bbl
    • Brent JAN 23-FEB 23 down -0.12$/bbl at 1.46$/bbl
    • Brent FEB 23-MAR 23 down -0.08$/bbl at 1.35$/bbl
    • Brent JUN 23-DEC 23 down -0.2$/bbl at 4.59$/bbl
    • Brent DEC 23-DEC 24 down -0.26$/bbl at 5.67$/bbl