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Crude Rebounds From Mid 71$/bbl for Third Time This Week

OIL

Brent crude rebounds from a level in the mid 71$/bbl region for the third time this week as the volatile trading week continues. Brent earlier reached a low of 71.51$/bbl today before recovering back above 73$/bbl.

  • Time spreads have also recovered slightly after Jun23-Dec23 and Dec23-Dec24 both fell to the lowest since December 2021.
  • The prompt Brent spread earlier fall from around 0.4$/bbl to just above parity with demand fears weighing on the price. The WTI prompt is already trading in contango having been in negative territory since November.
    • Brent MAY 23 down -2.1% at 73.11$/bbl
    • WTI APR 23 down -2.1% at 66.94$/bbl
    • WTI-Brent up 0.22$/bbl at -5.97$/bbl
    • Brent MAY 23-JUN 23 down -0.29$/bbl at 0.12$/bbl
    • Brent JUN 23-DEC 23 down -0.44$/bbl at 1.08$/bbl
    • Brent DEC 23-DEC 24 down -0.56$/bbl at 1.81$/bbl

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