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Crude Rangebound As OPEC Deny Output Increase Discussions

OIL

Front month crude is range bound with Brent between about 86.5$/bbl and 88.5$/bbl as OPEC members deny reports of discussions regarding a production increase at the next meeting on Dec 4.

  • Time spreads remain in backwardation after the prompt spreads briefly turned negative yesterday when crude fell. Concerns for weaker oil demand, maintaining Russian exports before the introduction of sanctions, USGC pipeline issues and high freight rates are all helping to push spreads lower.
    • Brent JAN 23 up 0.2% at 87.62$/bbl
    • WTI JAN 23 up 0.2% at 80.19$/bbl
    • WTI-Brent up 0.01$/bbl at -7.42$/bbl
    • Brent JAN 23-FEB 23 up 0.01$/bbl at 0.37$/bbl
    • Brent FEB 23-MAR 23 down -0.03$/bbl at 0.39$/bbl
    • Brent JUN 23-DEC 23 up 0.1$/bbl at 3.32$/bbl
    • Brent DEC 23-DEC 24 up 0.01$/bbl at 4.24$/bbl
Energy BulletsCommodities
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