Prompt Brent Spread Edges Higher on Supply Risks

The Brent prompt spread is gaining ground as front month recovers some of the earlier losses with a potential halt to crude supplies to the CPC terminal due to the suspension of loadings amid storms in the region.

• The market is sensitive to potential supply disruptions while looking for a clear trade direction. An increase in China’s oil imports is weighed against economic driven demand concerns with ongoing Russian supply uncertainty.
• The prompt Brent spread has edged higher today from a low of 0.27$/bbl up to a recent high of 0.35$/bbl. The prompt WTI spread is relatively unchanged at -0.17$/bbl due to weak US demand.
  • Brent APR 23 down -0.5% at 83.68$/bbl
  • WTI APR 23 up 0.7% at 77.12$/bbl (change vs 17 Feb close)
  • Brent APR 23-MAY 23 up 0.04$/bbl at 0.33$/bbl
  • Brent JUN 23-DEC 23 down -0.02$/bbl at 2.46$/bbl
  • WTI APR 23-MAY 23 down -0.02$/bbl at -0.17$/bbl
  • WTI JUN 23-DEC 23 up 0.01$/bbl at 2.16$/bbl