Front Crude Spreads Back Positive in Volatile Trading

Volatile crude markets have recovered some of the losses from earlier in the day with the May-Jun Brent and Jun23-Dec23 spreads now trading positive on the day.

• Front month Brent had traded as low as 78.35$/bbl with the market driven by the wider market economic concerns.
• The May-Jun spread is testing the highs from last week and the highest since November with support from near term Russian supply concerns due to production cuts this month.
• The Brent second month put skew has fallen to -6.4% and the most bearish since August 2022.
  • Brent MAY 23 down -1.2% at 81.81$/bbl
  • WTI APR 23 down -1.4% at 75.64$/bbl
  • Brent MAY 23-JUN 23 up 0.05$/bbl at 0.67$/bbl
  • Brent JUN 23-JUL 23 up 0.04$/bbl at 0.44$/bbl
  • Brent JUN 23-DEC 23 up 0.02$/bbl at 2.57$/bbl
  • Brent DEC 23-DEC 24 down -0.28$/bbl at 4.32$/bbl