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Crude Spreads Ease Back After Surging on Lower US Stocks

OIL

Crude time spreads are easing back after surging yesterday following the draw in EIA crude and Cushing inventories. Crude front month has reversed the earlier gains to trade back negative on the day.

  • The prompt WTI spread rallied to a high of 2.58$/bbl and Brent up to 2.42$/bbl ahead of the Brent Nov contract expiry tomorrow.
  • The Dec23-Dec24 spread have also reversed some of the gains from yesterday with Brent falling back from a high of 11.5$/bbl back to 10.75$/bbl.
  • The low Cushing stocks are supporting WTI with the WTI-Brent rallying to a high of -2.54$/bbl today. The increase volume of WTI Midland now included in Dated Brent benchmark is also supporting the spread with a record 11 North Sea WTI Midland cargoes in the forward chains.
    • Brent NOV 23 down -0.2% at 96.33$/bbl
    • WTI NOV 23 down -0.1% at 93.61$/bbl
    • WTI-Brent up 0.1$/bbl at -2.7$/bbl
    • Brent NOV 23-DEC 23 unchanged at 2.19$/bbl
    • Brent DEC 23-DEC 24 down -0.21$/bbl at 10.54$/bbl
    • WTI NOV 23-DEC 23 up 0.1$/bbl at 2.48$/bbl
    • WTI DEC 23-DEC 24 down -0.08$/bbl at 12.12$/bbl
Energy BulletsCommodities
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