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Crude Testing Top of Today's Trading Range

OIL

Crude is testing the top of today’s 76$/bbl to 77$/bbl range with concern for Russian supplies weighed against weak economic sentiment.

  • WTI is holding slightly stronger than Brent due to the outage of the Keystone oil pipeline, with the spread trading around 4.4$/bbl.
  • Front month Brent crude is down nearly 11% on the week.
  • The time spreads are relatively unchanged on the day the Brent curve in contango until May 2023 and WTI until June 2023.
    • Brent FEB 23 up 1.1% at 76.95$/bbl
    • WTI JAN 23 up 1.4% at 72.43$/bbl
    • WTI-Brent up 0.16$/bbl at -4.42$/bbl
    • Brent FEB 23-MAR 23 up 0.09$/bbl at -0.35$/bbl
    • Brent JUN 23-DEC 23 up 0.1$/bbl at 1.2$/bbl
    • WTI JAN 23-FEB 23 up 0.02$/bbl at -0.1$/bbl
    • WTI JUN 23-DEC 23 up 0.11$/bbl at 0.98$/bbl
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