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Crude Steady After Drifting Lower on Stronger USD

OIL

Crude holding steady and trading lower on the day after earlier losses with a stronger US dollar following the Feb meeting yesterday. The market continues to weigh economic concerns and central bank tightening against the tight near term physical supplies.

  • Time spreads are just slightly lower on the day with the curve still in strong backwardation.
    • Brent JAN 23 down -1% at 95.17$/bbl
    • WTI DEC 22 down -1.2% at 88.88$/bbl
    • WTI-Brent up 0.06$/bbl at -7.41$/bbl
    • Brent JAN 23-FEB 23 down -0.02$/bbl at 1.72$/bbl
    • Brent FEB 23-MAR 23 up 0.02$/bbl at 1.59$/bbl
    • Brent JUN 23-DEC 23 down -0.08$/bbl at 4.13$/bbl
    • Brent DEC 23-DEC 24 down -0.14$/bbl at 5.6$/bbl
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