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Crude Recovering Ground from Earlier Demand Driven Losses

OIL

Crude and time spreads are recovering some ground after falling on concern for central bank tightening and future oil demand growth.

  • The prompt crudes spread are back in contango with the WTI M1-M6 spread trading down to the lowest since Dec 2020.
  • The Brent Dec23-Dec24 spread is holding near the lowest since the start of Jan 2022.
    • Brent FEB 23 down -0.8% at 81.99$/bbl
    • WTI JAN 23 down -0.8% at 76.3$/bbl
    • Brent FEB 23-MAR 23 down -0.1$/bbl at -0.08$/bbl
    • Brent DEC 23-DEC 24 down -0.21$/bbl at 3.12$/bbl
    • WTI JAN 23-FEB 23 down -0.03$/bbl at -0.18$/bbl
    • WTI DEC 23-DEC 24 down -0.17$/bbl at 3.5$/bbl

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