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OIL
Crude time spreads are drifting off from recent highs as the prompt spreads pulls back from the highest since November at 0.69$/bbl yesterday.
- Most crude time spread have regained strength over the last week to levels seen in mid Feb driven by the recovery in China oil demand and due to supply risks with Russian expected to cut March production by 500kbpd.
- The WTI prompt spread is relatively unchanged and still in negative territory weighed down by weak US demand and concern for ongoing US inflationary pressures.
- Brent MAY 23 down -0.5% at 84.32$/bbl
- WTI APR 23 down -0.4% at 77.81$/bbl
- WTI-Brent up 0.05$/bbl at -6.36$/bbl
- Brent MAY 23-JUN 23 down -0.06$/bbl at 0.6$/bbl
- Brent JUN 23-DEC 23 down -0.18$/bbl at 2.72$/bbl
- WTI APR 23-MAY 23 unchanged at -0.15$/bbl
- WTI JUN 23-DEC 23 down -0.12$/bbl at 2.27$/bbl
Source: Bloomberg
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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