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Crude Spreads Pull Back

OIL

Prompt time spreads for Brent, WTI and Gasoil are losing ground with outright crude near close levels

  • The crude spreads are falling back from recent peaks, but the curve remains strongly backwardated.
  • Gasoil spreads are losing some of the gains made yesterday as levels bounce in the mid of the recent range.
  • WTI-Brent spread has narrowed from -7$/bbl earlier this week back to -5.3$/bbl. The spread has been falling in recent weeks as the threat of US recession has increased but low Cushing stocks report by EIA are adding support to WTI.
  • Brent SEP 22 up 0% at 104.66$/bbl
  • WTI AUG 22 down -0.2% at 102.57$/bbl
  • Gasoil JUL 22 down -1.5% at 1112.5$/mt
  • WTI-Brent up 0.05$/bbl at -5.28$/bbl

  • Brent SEP 22-OCT 22 down -0.31$/bbl at 3.36$/bbl
  • Brent DEC 22-DEC 23 down -0.02$/bbl at 10.77$/bbl
  • WTI AUG 22-SEP 22 down -0.29$/bbl at 3.19$/bbl
  • WTI DEC 22-DEC 23 down -0.05$/bbl at 11.38$/bbl
  • Gasoil AUG 22-SEP 22 down -1.5$/mt at 22$/mt
  • Gasoil DEC 22-DEC 23 down -12.75$/mt at 125.75$/mt

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