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Crude Time Spreads Edge Higher

OIL

Crude time spreads are trading higher today with the prompt spread edging back up towards parity.

  • The Apr-May spread switched from contango into backwardation late yesterday.
  • The Jun23-Dec23 spread has risen above the recent range but remains below a peak of 3.21$/bbl at the start of the year.
  • Crude futures are holding onto earlier gains with high uncertainty over both supply and demand but support coming from Chinese demand optimism.
    • Brent MAR 23 up 0.6% at 80.58$/bbl
    • WTI FEB 23 up 0.4% at 75.43$/bbl
    • Brent MAR 23-APR 23 up 0.03$/bbl at -0.15$/bbl
    • Brent APR 23-MAY 23 up 0.05$/bbl at 0.08$/bbl
    • Brent JUN 23-DEC 23 up 0.25$/bbl at 2.08$/bbl
    • WTI FEB 23-MAR 23 unchanged at -0.25$/bbl
    • WTI JUN 23-DEC 23 up 0.18$/bbl at 1.73$/bbl

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