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Crude Ticks Higher Ahead of Tighter July Supplies

OIL

Crude futures continue to tick higher with time spreads following with support from tighter supplies heading into July and boosted by data from US this week.

  • The Brent Aug-Sep spread up into backwardation ahead of the August contract expiry today while the Sep-Oct spread is back up after dipping negative on 28 June.
  • The Dec23-Dec24 spread has regained much of the losses from early this week after falling to the lowest since Dec 2021.
    • Brent SEP 23 up 0.9% at 75.15$/bbl
    • WTI AUG 23 up 0.8% at 70.42$/bbl
    • WTI-Brent down -0.15$/bbl at -4.65$/bbl
    • Brent SEP 23-OCT 23 up 0.07$/bbl at 0.1$/bbl
    • Brent OCT 23-NOV 23 up 0.07$/bbl at 0.19$/bbl
    • Brent DEC 23-DEC 24 up 0.18$/bbl at 2.72$/bbl
Energy BulletsCommodities
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