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Disruption to Loadings From Turkey Supporting Crude Prompt Spread

OIL

Crude prompt spreads are climbing with Brent up to the highest since November. The WTI prompt spreads is the highest since 3 Jan but is still in negative territory weighed down by weak US demand.

  • Ongoing supply disruption to crude loadings from Turkey are supporting the Brent spread. Exports of Azeri oil from Turkey’s port of Ceyhan will be halted until late next week according to Bloomberg. The port normally handles more than 1mbpd of crude from Azerbaijan and Iraq.
  • Longer term spreads are holding steady and following the moves in the futures.
    • Brent APR 23 up 0.3% at 85.34$/bbl
    • WTI MAR 23 up 0.2% at 78.64$/bbl
    • Brent APR 23-MAY 23 up 0.07$/bbl at 0.46$/bbl
    • Brent JUN 23-DEC 23 up 0.11$/bbl at 3.07$/bbl
    • Brent DEC 23-DEC 24 up 0.02$/bbl at 4.84$/bbl
    • WTI MAR 23-APR 23 up 0.01$/bbl at -0.21$/bbl
    • WTI JUN 23-DEC 23 up 0.07$/bbl at 2.67$/bbl
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