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Crude Steady as Brent-WTI Spread Closest Since June


Crude holding steady with Brent within the 79 to 81$/bbl range as hopes for future Chinese demand are providing support but upside is limited by economic recession fears.

  • The Brent-WTI spread continues to close in to smallest since June at -4.17$/bbl on the back of reducing SPR withdrawals and low Cushing stocks.
  • Traded volumes are below average at the start of the final week before Christmas.
  • Brent open interest has increased so far this month with the aggregate interest up to the highest since 23 Nov. WTI open interest however continues to fall down to the lowest since early 2012.
    • Brent FEB 23 up 0.3% at 80.06$/bbl
    • WTI FEB 23 up 0.7% at 75.88$/bbl
    • WTI-Brent up 0.19$/bbl at -4.17$/bbl
    • Brent FEB 23-MAR 23 down -0.06$/bbl at -0.4$/bbl
    • Brent JUN 23-DEC 23 up 0.11$/bbl at 2.11$/bbl

Source: Bloomberg

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