Crude Pulls Back with Return of Johan Sverdrup Output

Crude futures and time spreads are easing back from small gains earlier in the day as the return of Norway’s Johan Sverdrup Phase 1 field eases some of the short term supply disruptions.

• The field returned to full operation on Wednesday evening according to a company spokesperson after halting due to power supply issues on Monday.
• Other recent supply disruptions have not yet returned with exports of Azeri oil from Turkey’s port of Ceyhan expected to be offline until late next week and unplanned maintenance works at the Tengiz field causing a 200kb/d drop in Kazakhstan crude production.
  • Brent APR 23 down -0.6% at 84.56$/bbl
  • WTI MAR 23 down -0.6% at 77.96$/bbl
  • WTI-Brent up 0.04$/bbl at -6.37$/bbl
  • Brent APR 23-MAY 23 up 0.02$/bbl at 0.41$/bbl
  • Brent JUN 23-DEC 23 down -0.02$/bbl at 2.94$/bbl
  • Brent DEC 23-DEC 24 down -0.12$/bbl at 4.7$/bbl