Crude Futures and Spreads Softer on  Banking Sector Concerns

Crude still trading down on the day despite recovering from the earlier technical support level and low of 72.72$/bbl. The strength in the US dollar and oil demand concerns driven by the wider banking sector and financial market uncertainty continue to weigh on the oil market.

• Brent crude backwardation is also slightly softer with the focus on economic concerns and global oil demand and resilient Russian oil output rather than optimism over the recovery in China which is widely expected in the second half of this year.
• The lack of response from the US to refill strategic petroleum reserves despite the price decline is adding to the bearish pressure.
  • Brent MAY 23 down -2% at 74.38$/bbl
  • WTI MAY 23 down -2% at 68.57$/bbl
  • WTI-Brent up 0.23$/bbl at -5.8$/bbl
  • Brent MAY 23-JUN 23 down -0.02$/bbl at 0.39$/bbl
  • Brent JUN 23-DEC 23 down -0.25$/bbl at 1.23$/bbl
  • Brent DEC 23-DEC 24 down -0.34$/bbl at 2.32$/bbl