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Crude Pulls Back With Focus On Demand Concern

OIL

Crude falls back negative on the day with focus still on global economic concerns and the risk of further central bank rate hikes ahead of the updated EIA US inventory data later today.

  • The Brent prompt spread is holding down near the lowest since January on low front month volumes ahead of the August contract expiry on 30 June. The Sep-Oct time spread and Dec23-Dec24 spreads are also maintaining levels after the decline seen in the last week.
  • The front month WTI-Brent spread has ticked back up to around -4.6$/bbl from a low of -4.85$/bbl yesterday.
    • Brent AUG 23 down -0.2% at 72.13$/bbl
    • WTI AUG 23 down -0.2% at 67.56$/bbl
    • WTI-Brent up 0.08$/bbl at -4.56$/bbl
    • Brent AUG 23-SEP 23 unchanged at -0.25$/bbl
    • Brent SEP 23-OCT 23 down -0.03$/bbl at -0.13$/bbl
    • Brent DEC 23-DEC 24 down -0.05$/bbl at 1.81$/bbl
    • WTI AUG 23-SEP 23 up 0.01$/bbl at -0.19$/bbl
    • WTI DEC 23-DEC 24 down -0.05$/bbl at 1.96$/bbl

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