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Crude spreads pull back

OIL

Crude spreads fall back with the flat price ticking back below 120$/bbl as the market digests the EU ban on Russian oil to come in to effect at the end of the year

  • WTI moving more than Brent as the Aug22 spread pulls back from around -3$/bbl to -3.80$/bbl.
  • After rallying about 1$ since mid last week the time spreads have fallen back. Brent front spread down from 3.36$/bbl back to 3.11$/bbl.
  • The longer term Dec22-Dec23 spread staying stronger but still off about 0.5$ to 15.60$/bbl.
  • Brent AUG 22 up 1.4% at 119.19$/bbl
  • WTI JUL 22 up 2.7% at 118.13$/bbl
  • Gasoil JUN 22 up 5.7% at 1264.75$/mt
  • Brent AUG 22-SEP 22 up 0.04$/bbl at 3.13$/bbl
  • Brent DEC 22-DEC 23 up 0.67$/bbl at 15.63$/bbl

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