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Crude Spreads Holding Gains on Tighter Supply Concerns

OIL

Brent crude holding steady on the day as time spreads hold on to recent gains.

  • Concerns for reduced supply from Kazakhstan and the potential for lower OPEC+ output continue to support prices. Ongoing demand concerns after weak gasoline data reported by EIA yesterday and wider recession fears are keeping downward pressure on the market.
  • The WTI-Brent spread is trading near the low end of the recent range with WTI reacting to the US demand concerns while Europe continues to look for alternatives to Russian crude supplies.
    • Brent OCT 22 up 0.1% at 101.32$/bbl
    • WTI OCT 22 down -0.1% at 94.82$/bbl
    • WTI-Brent down -0.11$/bbl at -6.54$/bbl
    • Brent OCT 22-NOV 22 down -0.01$/bbl at 0.87$/bbl
    • Brent DEC 22-DEC 23 up 0.15$/bbl at 10.43$/bbl
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