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Crude Ticks Higher Before Updated EIA Stock Data

OIL

Crude is trading back positive on the day reversing the earlier decline ahead of the updated EIA data later today.

  • Front month Brent has bounced off a low of 77.76$/bbl with WTI up from 72.75$/bbl
  • Time spreads are also now trading positive on the day but the prompt spreads remain in contango due to strong near term supplies and weak demand.
  • EIA data is expected to show directionally the same as the API data with an increase in refinery utilisation helping a draw in crude stocks and build in oil products.
    • Brent FEB 23 up 1% at 80.12$/bbl
    • WTI JAN 23 up 0.9% at 74.91$/bbl
    • WTI-Brent up 0.01$/bbl at -5.01$/bbl
    • Brent FEB 23-MAR 23 up 0.06$/bbl at -0.26$/bbl
    • Brent JUN 23-DEC 23 up 0.12$/bbl at 1.59$/bbl

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