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Crude Holds Steady With Prompt Spread Highest Since mid April

OIL

The Brent crude prompt time spread extends the rally since 20 July to the highest since mid April at 0.48$/bbl ahead of the September contract expiry on Monday.

  • The strength in spreads, especially near term, is reflecting the market expectation of tightening supplies amid Russia export cuts and with many expecting Saudi Arbia to extent their voluntary cuts into September.
  • Crude is holding just below the previous close levels but heading for a net gain on the week also supported by improving economic expectations. US yesterday saw solid GDP growth to add to speculation for a slowing US Fed tightening cycle and potential stimulus measures in China.
    • Brent SEP 23 down -0.5% at 83.83$/bbl
    • WTI SEP 23 down -0.4% at 79.78$/bbl
    • WTI-Brent down -0.02$/bbl at -4.05$/bbl
    • Brent SEP 23-OCT 23 unchanged at 0.45$/bbl
    • Brent DEC 23-DEC 24 down -0.21$/bbl at 4.41$/bbl
    • WTI SEP 23-OCT 23 up 0.02$/bbl at 0.48$/bbl
    • WTI DEC 23-DEC 24 down -0.15$/bbl at 4.9$/bbl
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