OIL
Crude resumes the rally towards the Brent front month high of $79.3/bbl from Oct. 4 as the market prices in an increasing risk premium amid the Middle East conflict and potential disruption to Iran oil output.
- The crude curve backwardation is also strengthening with the Brent Dec24-Dec25 spread gaining again after a rally to the highest since July 22 of $4.29/bbl on Friday.
- The prompt spread has also risen this month from the recent range lows of $0.22/bbl back up to $0.65/bbl although with the return of Libya supply and lower seasonal refinery runs helping to limit upside moves. An expected cut to Kazakh output this month due to field maintenance is however supportive.
- Brent DEC 24 up 1.2% at 78.97$/bbl
- WTI NOV 24 up 1.5% at 75.47$/bbl
- Brent DEC 24-JAN 25 up 0.03$/bbl at 0.65$/bbl
- Brent DEC 24-DEC 25 up 0.24$/bbl at 3.9$/bbl
- WTI NOV 24-DEC 24 up 0.06$/bbl at 0.76$/bbl
- WTI DEC 24-DEC 25 up 0.37$/bbl at 4.35$/bbl
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