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Crude Spreads Maintain Strength on Supply Concern

OIL

Crude edges higher on supply risks as a leak in a section of the Druzhba pipeline is balanced against future oil demand concerns.

  • Crude time spreads are maintaining the forward crude backwardation with Dec22-Dec23 and the prompt Dec22-Jan23 spreads both just off from their weekly highs.
  • Updated monthly reports from OPEC and EIA later today will give an updated forecast for future oil demand with recession fears weighing on the market.
    • Brent DEC 22 up 0.3% at 94.59$/bbl
    • WTI NOV 22 up 0.1% at 89.44$/bbl
    • WTI-Brent down -0.09$/bbl at -6.54$/bbl
    • Brent DEC 22-JAN 23 up 0.07$/bbl at 1.87$/bbl
    • Brent JAN 23-FEB 23 up 0.05$/bbl at 1.84$/bbl
    • Brent DEC 22-DEC 23 up 0.28$/bbl at 13.05$/bbl

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