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Demand Concerns and Easing Supply Extend Crude Decline

OIL

Brent extends decline towards technical support at 92.78$/bbl. Next support on WTI at 86.82$/bbl.

  • Backwardation is also softer and following the fall across the forward curve.
  • Brent is falling faster than WTI and helping the spread to close in from near 8$/bbl at the start of the month.
  • Brent OCT 22 down -1.5% at 93.69$/bbl
  • WTI SEP 22 down -1.2% at 88.31$/bbl
  • WTI-Brent up 0.13$/bbl at -5.93$/bbl
  • Brent OCT 22-NOV 22 down -0.14$/bbl at 0.68$/bbl
  • Brent DEC 22-DEC 23 down -0.6$/bbl at 6.4$/bbl
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Brent extends decline towards technical support at 92.78$/bbl. Next support on WTI at 86.82$/bbl.

  • Backwardation is also softer and following the fall across the forward curve.
  • Brent is falling faster than WTI and helping the spread to close in from near 8$/bbl at the start of the month.
  • Brent OCT 22 down -1.5% at 93.69$/bbl
  • WTI SEP 22 down -1.2% at 88.31$/bbl
  • WTI-Brent up 0.13$/bbl at -5.93$/bbl
  • Brent OCT 22-NOV 22 down -0.14$/bbl at 0.68$/bbl
  • Brent DEC 22-DEC 23 down -0.6$/bbl at 6.4$/bbl