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Near Term Crude Spreads Extend Rally from Mid Last Week

OIL

The crude prompt time spreads have rallied again today to continue the trend since mid last week reflecting the tighter supplies from OPEC+ member production cuts.

  • The Brent Sep-Oct spread is trading up to 0.3$/bbl and the highest since 8 June despite concern for weak oil demand and further central bank rate hikes.
  • Another draw in US crude inventories expected today following the big draw last week could be a sign of a tighter market.
  • Front month Brent is unchanged on the day amid a short term bullish theme with recent gains considered corrective. Sep Brent technical resistance is up at 77.25$/bbl and support down at 71.43$/bbl.
    • Brent SEP 23 down -0.1% at 76.56$/bbl
    • WTI AUG 23 up 0% at 71.8$/bbl
    • WTI-Brent down -0.04$/bbl at -4.72$/bbl
    • Brent SEP 23-OCT 23 up 0.04$/bbl at 0.28$/bbl
    • Brent DEC 23-DEC 24 up 0.09$/bbl at 3.17$/bbl
    • WTI AUG 23-SEP 23 up 0.05$/bbl at -0.04$/bbl
    • WTI DEC 23-DEC 24 up 0.1$/bbl at 3.4$/bbl

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