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Crude Holding Steady as Brent Prompt Spread Edges Higher

OIL

Brent crude prompt spread is holding onto small gains from Friday after falling in trading earlier last week.

  • Last week the spread fell from 0.41$/bbl down to a low of 0.12$/bbl before recovering to 0.27$/bbl.
  • The prompt WTI spread remains in contango suggesting ample near term supplies amid current weak demand.
  • WTI-Brent spread remains weak with Brent showing slightly larger gains than WTI so far today.
  • Front month futures are holding steady just above the previous close levels with uncertainty over Chinese demand, Russian supply and global economic demand growth.
    • Brent APR 23 up 0.9% at 80.64$/bbl
    • WTI MAR 23 up 0.6% at 73.84$/bbl
    • WTI-Brent down -0.24$/bbl at -6.43$/bbl
    • Brent APR 23-MAY 23 up 0.04$/bbl at 0.27$/bbl
    • Brent JUN 23-DEC 23 up 0.04$/bbl at 2.34$/bbl
    • Brent DEC 23-DEC 24 up 0.06$/bbl at 3.75$/bbl
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