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OIL: Crude Time Spreads Extend Trend Higher

OIL
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Crude curve backwardation continues to strengthen with the prompt at the higher end of the recent range and Jun25-Dec25 rallying to the highest since August suggesting tight supplies.

  • The Brent Jun25-Dec25 spread has trended higher since early December when OPEC+ delayed previously planned Q1 production hikes until April. The spread has risen from a low of $0.81/bbl on Dec. 6 to around $1.7/bbl today.
  • Some analysts expect further delays during 2025 with increases in non-OPEC supply enough to cover soft global demand growth.
  • The Brent prompt spread is gaining up to $0.48/bbl today although still below the November high of $0.54/bbl.
    • Brent MAR 25 down 0% at 73.76$/bbl
    • WTI FEB 25 unchanged at 70.6$/bbl
    • Brent MAR 25-APR 25 unchanged at 0.48$/bbl
    • Brent JUN 25-DEC 25 down 0.02$/bbl at 1.7$/bbl
    • WTI FEB 25-MAR 25 up 0.01$/bbl at 0.43$/bbl
    • WTI JUN 25-DEC 25 up 0.01$/bbl at 1.89$/bbl

 

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Crude curve backwardation continues to strengthen with the prompt at the higher end of the recent range and Jun25-Dec25 rallying to the highest since August suggesting tight supplies.

  • The Brent Jun25-Dec25 spread has trended higher since early December when OPEC+ delayed previously planned Q1 production hikes until April. The spread has risen from a low of $0.81/bbl on Dec. 6 to around $1.7/bbl today.
  • Some analysts expect further delays during 2025 with increases in non-OPEC supply enough to cover soft global demand growth.
  • The Brent prompt spread is gaining up to $0.48/bbl today although still below the November high of $0.54/bbl.
    • Brent MAR 25 down 0% at 73.76$/bbl
    • WTI FEB 25 unchanged at 70.6$/bbl
    • Brent MAR 25-APR 25 unchanged at 0.48$/bbl
    • Brent JUN 25-DEC 25 down 0.02$/bbl at 1.7$/bbl
    • WTI FEB 25-MAR 25 up 0.01$/bbl at 0.43$/bbl
    • WTI JUN 25-DEC 25 up 0.01$/bbl at 1.89$/bbl

 

Keep reading...Show less