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Crude Time Spreads Extend Decline from Last Week

OIL

Crude time spreads continue to edge lower with the WTI Dec22-Jan23 spread down at -0.19$/bbl before of the Dec22 future expiry later today.

  • The WTI spread has shifted into contango with pipeline disruption and soaring dirty tanker rates contributing to a short term supply glut. Strong Russian supplies ahead of the sanctions next month add to the near term downside pressure.
  • Concern for Chinese demand and winder global economic growth are weighing on the longer dated spreads with Brent Jun23-Dec23 down to the lowest since mid October.
    • Brent JAN 23 down -0.7% at 87.05$/bbl
    • WTI JAN 23 down -0.5% at 79.67$/bbl
    • Brent JAN 23-FEB 23 down -0.12$/bbl at 0.35$/bbl
    • Brent JUN 23-DEC 23 down -0.19$/bbl at 3.24$/bbl
    • WTI JAN 23-FEB 23 down -0.09$/bbl at 0.19$/bbl
    • WTI JUN 23-DEC 23 down -0.2$/bbl at 2.9$/bbl
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