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Crude Holding Steady on USD Weakness and Supply Uncertainty

OIL

Crude holding gains as the US dollar softens and with uncertainty of future supplies from Russia. The prompt time spreads remain near the top of the recent ranges.

  • The Brent Jun23-Dec23 spread is just below 4$/bbl having traded in the 2.4$/bbl to 4.4$/bbl range since June. The longer dated Dec 23-Dec24 spread has been holding steady around 5$/bbl since June. The Brent Dec22 contract expired yesterday.
    • Brent JAN 23 up 1.4% at 94.14$/bbl
    • WTI DEC 22 up 1.5% at 87.82$/bbl
    • Brent JAN 23-FEB 23 up 0.07$/bbl at 1.86$/bbl
    • Brent FEB 23-MAR 23 up 0.08$/bbl at 1.63$/bbl
    • Brent JUN 23-DEC 23 up 0.17$/bbl at 3.93$/bbl
    • Brent DEC 23-DEC 24 up 0.18$/bbl at 5.07$/bbl

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