Prompt Brent Spread Falls Back to Last Week Levels as Flat Price Softens

Crude front month has tested the lows of the day with demand concerns weighed against tight supplies and risks from the conflict in Israel despite the current limited impact on oil flows.

• Prompt Brent time spread is trading back at the levels seen on Friday although the WTI spread is holding onto gains. The Dec23-Dec24 spread is trading at the low for the week but still slightly above levels from the end of last week.
• The risk of higher for longer interest rates have been weighing on oil markets this month with focus this week on the US September CPI data due out on Thursday. The market will also look for indications of future supply demand expectations from the monthly oil reports from EIA, IEA and OPEC due out later this week.
  • Brent DEC 23 down -0.9% at 87.35$/bbl
  • WTI NOV 23 down -0.9% at 85.62$/bbl
  • WTI-Brent down -0.01$/bbl at -3.53$/bbl
  • Brent DEC 23-JAN 24 down -0.15$/bbl at 1.5$/bbl
  • Brent DEC 23-DEC 24 down -0.73$/bbl at 7.86$/bbl
  • WTI NOV 23-DEC 23 up 0.02$/bbl at 1.8$/bbl
  • WTI DEC 23-JAN 24 down -0.1$/bbl at 1.5$/bbl
  • WTI DEC 23-DEC 24 down -0.74$/bbl at 8.69$/bbl