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Crude Futures and Time Spreads Extend Decline

OIL

Crude extends the decline down through the 8 June lows with next technical support for Brent at the 31 May low of 71.50$/bbl and WTI at 67.03$/bbl.

  • Crude time spreads are following the move lower with Dec23-Dec24 to the lowest since 1 June before the OPEC meeting.
  • WTI-Brent spread is holding steady around -4.5$/bbl.
    • Brent AUG 23 down -2.3% at 73.06$/bbl
    • WTI JUL 23 down -2.5% at 68.39$/bbl
    • WTI-Brent up 0.02$/bbl at -4.5$/bbl
    • Brent AUG 23-SEP 23 down -0.02$/bbl at 0.03$/bbl
    • Brent DEC 23-DEC 24 down -0.36$/bbl at 2.83$/bbl
    • WTI JUL 23-AUG 23 down -0.01$/bbl at -0.17$/bbl
    • WTI DEC 23-DEC 24 down -0.37$/bbl at 3.1$/bbl

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