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Crude Recovering as UAE See a Balanced Oil Market

OIL

Crude is regaining some of the earlier losses as the UAE Energy Minister says the oil market is currently balanced and there is no need for an extraordinary OPEC+ meeting. The comments come in response to the announced plans by Russian last week to cut output by 500kbpd in March as a response to Western sanctions.

  • Front month Brent has rebounded from a low of 85.2$/bbl earlier today up to around 85.9$/bbl.
  • The prompt Brent spread is following the recovery by longer dated spreads remain slightly down on the day. The Apr-May Brent spread is back up from 0.32$/bbl to 0.37$/bbl.
    • Brent APR 23 down -0.5% at 85.97$/bbl
    • WTI MAR 23 down -0.6% at 79.28$/bbl
    • WTI-Brent up 0.07$/bbl at -6.45$/bbl
    • Brent APR 23-MAY 23 down -0.03$/bbl at 0.37$/bbl
    • Brent JUN 23-DEC 23 down -0.14$/bbl at 3.04$/bbl
Energy BulletsCommodities
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