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Crude Reverses Direction Back Positive on the Day

OIL

Crude trades back positive on the day as the US dollar eases back down after the surge higher in reaction to the US employment data. Despite the small gains today the Brent front month is still trading below the high of around 86.5$/bbl from yesterday.

  • Near term times spreads are still holding onto early losses and down on the day with concern for weaker demand offsetting the tight supplies due to OPEC+ cuts. The Dec23-Dec24 spread has followed the flat price back slightly higher on the day.
  • The WTI-Brent spread has also pulled back from a high of -3.12$/bbl earlier to -3.27$/bbl.
    • Brent DEC 23 up 0.9% at 84.79$/bbl
    • WTI NOV 23 up 0.8% at 82.95$/bbl
    • WTI-Brent down -0.1$/bbl at -3.3$/bbl
    • Brent DEC 23-JAN 24 down -0.08$/bbl at 1.35$/bbl
    • Brent JAN 24-FEB 24 down -0.02$/bbl at 0.93$/bbl
    • Brent DEC 23-DEC 24 up 0.16$/bbl at 7.11$/bbl

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