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Crude Holding Strength on Potential OPEC+ Cuts

OIL

Brent holding onto gains with expectation that OPEC+ are considering a cut in production.

  • Sources suggest an oil output cut in excess of 1mbpd, excluding any voluntary cuts, is being discussed according to Reuters. The meeting on Wednesday will be the first in person meeting since Mar 2020 and will be followed by a press conference.
  • The future of the OPEC+ could also be discussed this month with the current OPEC+ agreement running until the end of the year.
  • WTI is rallying faster than Brent and has therefore closed the Dec22 spread in to -6.25$/bbl
    • Brent DEC 22 up 5.2% at 89.53$/bbl
    • WTI NOV 22 up 5.8% at 84.13$/bbl
    • WTI-Brent DEC 22 up 0.17$/bbl at -6.25$/bbl
    • Brent DEC 22-JAN 23 up 0.19$/bbl at 1.81$/bbl
    • Brent DEC 22-DEC 23 up 1.57$/bbl at 11.91$/bbl
Energy BulletsCommodities
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