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Flat Price Crude and Spreads Lower Before OPEC+ Meeting

OIL

Crude trading down on the day with Brent back below 100$/bbl. The WTI-Brent spreads has closed slightly towards -7$/bbl with Brent down more than WTI.

  • Both Brent and WTI time spreads continue to fall. Expectation is for little or no extra supply from the OPEC+ meeting this afternoon. Any increase in production from the group could add to the momentum and help flatten backwardation further. The WTI 1-6 and 1-12 spreads is now trading at the lowest since early April.
  • Brent OCT 22 down -1% at 99.5$/bbl
  • WTI SEP 22 down -1% at 93.52$/bbl
  • WTI-Brent down -0.01$/bbl at -7.09$/bbl
  • Brent OCT 22-NOV 22 down -0.18$/bbl at 1.72$/bbl
  • Brent DEC 22-DEC 23 down -0.71$/bbl at 7.95$/bbl
  • WTI SEP 22-OCT 22 down -0.09$/bbl at 1.11$/bbl
  • WTI DEC 22-DEC 23 down -0.59$/bbl at 8.09$/bbl
Energy BulletsCommodities
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