Crude Pulls Back With Demand Still in Focus

Crude pulls back below the previous close levels with concern for oil demand growth ahead of potential further central bank rate hikes in the US and EU next week.

• Front month Brent is trading just above the lows around 80.4$/bbl seen over the last few days.
• The prompt Brent spread has also fallen from 0.16$/bbl to a low of 0.04$/bbl ahead of the June 23 futures contract expiry on 28 April.
• The WTI-Brent spread continues to close in to -3.38$/bbl ahead of another expected draw in Cushing stocks in the weekly EIA data due out later today.
  • Brent JUN 23 down -0.1% at 80.7$/bbl
  • WTI JUN 23 up 0.3% at 77.33$/bbl
  • WTI-Brent up 0.25$/bbl at -3.36$/bbl
  • Brent JUN 23-JUL 23 down -0.1$/bbl at 0.07$/bbl
  • Brent JUN 23-DEC 23 down -0.14$/bbl at 2.25$/bbl
  • Brent DEC 23-DEC 24 unchanged at 4.01$/bbl