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Crude Ticking Higher on Supply Uncertainty

OIL

Brent rallies towards 120 $/bbl as the risk of supply disruption from Libya and Ecuador continues and with the OPEC+ meeting tomorrow unlikely to offer any relief.

  • Crude time spreads are maintaining the high levels and keeping the forward curve in steep backwardation. The WTI-Brent spread is holding steady today around 6$/bbl after a volatile day yesterday and ahead of the EIA inventory data later.
  • Brent AUG 22 up 1% at 119.21$/bbl
  • WTI AUG 22 up 1.2% at 113.13$/bb
  • WTI-Brent up 0.28$/bbl at -6.03$/bbl
  • Brent AUG 22-SEP 22 down -0.13$/bbl at 4.05$/bbl
  • Brent SEP 22-OCT 22 up 0.15$/bbl at 3.17$/bbl
  • Brent DEC 22-DEC 23 up 0.23$/bbl at 12.92$/bbl
  • WTI AUG 22-SEP 22 up 0.06$/bbl at 2.93$/bbl
  • WTI DEC 22-DEC 23 up 0.31$/bbl at 13.56$/bbl

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