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Oil Backwardation Strengthens as Brent Approaches High

OIL

Oil backwardation strengthens with Gasoil Dec22-Dec23 reaching yet another new high

  • Front crude spreads are rising with Brent 1-2 up 0.3$/bbl, 2-6 up 0.6$/bbl. The move in longer dated spread is more muted but still higher on the day. Brent futures are also testing the highs near 124$/bbl.
  • Brent AUG 22-SEP 22 up 0.32$/bbl at 3.09$/bbl
  • Brent DEC 22-DEC 23 up 0.25$/bbl at 15.92$/bbl
  • WTI JUL 22-AUG 22 up 0.13$/bbl at 2.55$/bbl
  • WTI DEC 22-DEC 23 up 0.37$/bbl at 16.58$/bbl
  • Front Gasoil spreads are also ticking higher and recovering lost ground from earlier in the week. The Dec22-Dec23 spread is continuing to push higher as the tight supply drives the steeper backwardation. The spread has risen from just 21$/mt at the start of the year to 227.5$/mt (equivalent to 30.5$/bbl).
  • Gasoil JUL 22-AUG 22 up 2.5$/mt at 42.5$/bbl
  • Gasoil DEC 22-DEC 23 up 4.5$/mt at 227.25$/bbl
Energy BulletsCommodities
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