Crude Steady with Time Spreads Lower

Crude hovering either side of yesterday’s close with WTI still above the first technical support at 92.42$/bbl.

• Most crude time spreads however have continued to drift lower except for the prompt Brent spreads which is finding some support. The return of supply from Libya, a smaller reduction in Russian output than expected and hopes of a slight increase from OPEC+ tomorrow are all helping to ease the tight market view.
• The Oct 22 WTI-Brent spread is holding steady around 7.5$/bbl.
• Brent OCT 22 up 0.2% at 100.21$/bbl
• WTI SEP 22 up 0.1% at 94.03$/bbl
• WTI-Brent up 0.05$/bbl at -7.56$/bbl
• Brent OCT 22-NOV 22 down -0.15$/bbl at 1.93$/bbl
• Brent DEC 22-DEC 23 down -0.45$/bbl at 8.63$/bbl
• WTI SEP 22-OCT 22 down -0.16$/bbl at 1.34$/bbl
• WTI DEC 22-DEC 23 down -0.4$/bbl at 8.51$/bbl