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Producer Prices Fall 3.3% Y/Y

STIR

BLOCK, Large Dec'23/Red Dec'24 SOFR Spd

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Prompt Brent Spread Back in Backwardation

OIL

Crude prompt time spreads trade higher and back in backwardation but WTI remains on contango.

  • Robust Russian output ahead of the implementation of sanction next week have helped short term supplies.
  • The weak WTI spread is also driven by US Gulf Coast pipeline issues and an expected Cushing build as Gulf Coast supplies try to avoid year end taxes.
  • Uncertainty over OPEC+ production targets, Chinese demand and the impact of sanctions on Russian output are adding to future tighter supply concerns with the longer dated spread still in backwardation.
    • Brent FEB 23 up 0.7% at 87.59$/bbl
    • WTI JAN 23 up 0.7% at 81.13$/bbl
    • Brent FEB 23-MAR 23 up 0.11$/bbl at 0.09$/bbl
    • Brent MAR 23-APR 23 up 0.08$/bbl at 0.24$/bbl
    • Brent JUN 23-DEC 23 up 0.27$/bbl at 2.91$/bbl
    • Brent DEC 23-DEC 24 up 0.24$/bbl at 4.64$/bbl
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Crude prompt time spreads trade higher and back in backwardation but WTI remains on contango.

  • Robust Russian output ahead of the implementation of sanction next week have helped short term supplies.
  • The weak WTI spread is also driven by US Gulf Coast pipeline issues and an expected Cushing build as Gulf Coast supplies try to avoid year end taxes.
  • Uncertainty over OPEC+ production targets, Chinese demand and the impact of sanctions on Russian output are adding to future tighter supply concerns with the longer dated spread still in backwardation.
    • Brent FEB 23 up 0.7% at 87.59$/bbl
    • WTI JAN 23 up 0.7% at 81.13$/bbl
    • Brent FEB 23-MAR 23 up 0.11$/bbl at 0.09$/bbl
    • Brent MAR 23-APR 23 up 0.08$/bbl at 0.24$/bbl
    • Brent JUN 23-DEC 23 up 0.27$/bbl at 2.91$/bbl
    • Brent DEC 23-DEC 24 up 0.24$/bbl at 4.64$/bbl