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Crude Time Spreads Holding Last Week Gains


Crude time spreads are mostly holding positive on the day with optimism over Chinese demand and ongoing uncertainty over future Russian supplies providing support.

  • The front Brent Feb-Mar spread remains in contango but the remainder of the curve has returned into backwardation after seeing spreads until May 23 briefly in contango a week ago. The negative spread at the front reflects the current robust supplies with little change yet seen in Russian flows following sanctions and also boosted by a supply increase from Nigeria.
  • Brent Dec23-Dec24 is up from a low of 2$/bbl and Jun23-Dec23 up from 0.96$/bbl on 12 Dec.
    • Brent FEB 23-MAR 23 up 0.08$/bbl at -0.37$/bbl
    • Brent JUN 23-DEC 23 up 0.04$/bbl at 1.9$/bbl
    • Brent DEC 23-DEC 24 down -0.03$/bbl at 3.25$/bbl
    • WTI JAN 23-FEB 23 down -0.03$/bbl at -0.2$/bbl
    • WTI JUN 23-DEC 23 up 0.03$/bbl at 1.84$/bbl

Source: Bloomberg

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