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Crude Recovers Most of Earlier Losses

OIL

Crude recovers from earlier losses as the market considers the risk of further production cuts at the OPEC+ meeting this weekend and future US and China demand.

  • Front month Brent crude is back trading towards previous close levels having bounced off a low of around 71.6$/bbl. WTI had fallen faster than Brent taking the discount out to -4.5$/bbl but has since returned back below -4$/bbl.
  • Crude time spreads are following the recovery although are still net down on the day.
    • Brent AUG 23 down -0.6% at 73.27$/bbl
    • WTI JUL 23 down -0.8% at 68.88$/bbl
    • WTI-Brent up 0.16$/bbl at -3.96$/bbl
    • Brent AUG 23-SEP 23 down -0.05$/bbl at 0.12$/bbl
    • Brent DEC 23-DEC 24 down -0.17$/bbl at 2.46$/bbl
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