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Crude Time Spreads Push Back Up

OIL

Crude spreads ticking back up after falling on economic concerns this week.

  • Brent is trading back near 120$/bbl after reaching a low of 116.34$/bbl and down through the 20day moving average yesterday. First technical support is now at 115.56$/bbl and resistance at 124.42$/bbl.
  • Brent AUG 22 down -0.1% at 119.71$/bbl
  • WTI JUL 22 down -0.2% at 117.35$/bbl
  • WTI-Brent down -0.24$/bbl at -4.73$/bbl
  • The tight market supply conditions are keeping the curve in steep backwardation with Brent time spreads picking back after dropping in recent days.
  • Brent AUG 22-SEP 22 up 0.17$/bbl at 2.98$/bbl
  • Brent DEC 22-DEC 23 up 0.13$/bbl at 14.29$/bbl
  • WTI JUL 22-AUG 22 down -0.01$/bbl at 2.33$/bbl
  • WTI DEC 22-DEC 23 up 0.22$/bbl at 14.81$/bbl

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