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Crude Holding Onto Gains As Time Spreads Edge Higher

OIL

Crude back to positive on the day after briefly falling to 87.5$/bbl earlier today. Time spreads continue to edge higher.

  • The market continues to weigh recession and global economic fears against optimism for Chinese demand and uncertainty over Russian supply.
  • The potential tighter crude market is keeping the curve in backwardation with the prompt spread now up to +0.09$/bbl.
    • Brent MAR 23 up 0.2% at 88.36$/bbl
    • WTI MAR 23 up 0.3% at 81.87$/bbl
    • WTI-Brent down -0.05$/bbl at -6.48$/bbl
    • Brent MAR 23-APR 23 up 0.05$/bbl at 0.08$/bbl
    • Brent APR 23-MAY 23 up 0.06$/bbl at 0.25$/bbl
    • Brent JUN 23-DEC 23 up 0.12$/bbl at 3.16$/bbl
    • Brent DEC 23-DEC 24 up 0.21$/bbl at 5.6$/bbl

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