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Crude Ticks Higher but Spreads Remain Stable

OIL

Crude edging higher, with Brent extending the rally from 85.35$/bbl at the end of September.

  • The 2mbpd OPEC+ cuts for November and December have supported prices despite the ongoing recession concerns for future demand growth.
  • Time spreads are not really following crude higher and have remained relatively stable all week, although at already high levels.
  • The WTI-Brent spread is gradually widening to 6.9$/bbl from around 6.1$/bbl at the start of the week.
    • Brent DEC 22 up 1% at 95.33$/bbl
    • WTI NOV 22 up 1.1% at 89.38$/bbl
    • WTI-Brent down -0.12$/bbl at -6.89$/bbl
    • Brent DEC 22-JAN 23 up 0.04$/bbl at 1.79$/bbl
    • Brent DEC 22-DEC 23 up 0.26$/bbl at 12.31$/bbl
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