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Crude Futures and Spreads Regain Earlier Losses

OIL

Crude time spreads are turning back up from lows earlier in the day as the front month futures regain the earlier losses back towards flat on the day.

  • The market is weighing broader risk appetite weakness and a stronger US dollar today against the tight supplies and inventory drawdowns due to OPEC+ production cuts. China demand will be in focus this week with PMI data due out at the end of the week and with a demand boost expected during the upcoming Goldan Week holiday period.
  • Demand uncertainty is limiting upside with the risk of major central banks keeping interest rates higher for longer as the crude rally towards 100$/bbl has stalled this week.
  • Brent NOV 23 down 0% at 93.26$/bbl
  • WTI NOV 23 up 0.1% at 89.76$/bbl
  • WTI-Brent down -0.06$/bbl at -3.49$/bbl
  • Brent NOV 23-DEC 23 up 0.03$/bbl at 1.44$/bbl
  • Brent DEC 23-DEC 24 down -0.01$/bbl at 9.15$/bbl
  • WTI NOV 23-DEC 23 up 0.08$/bbl at 1.59$/bbl
  • WTI DEC 23-DEC 24 up 0.1$/bbl at 10.11$/bbl
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