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Prompt Brent Spread in Contango as Crude Drops

OIL

Brent Jan23-Feb23 prompt time spreads turns negative as the market extends the decline on the report of a possible OPEC production increase. Next technical support for Brent at 83.38$/bbl.

  • Brent JAN 23 down -4.3% at 83.89$/bbl
  • WTI JAN 23 down -4.1% at 76.81$/bbl
  • Brent JAN 23-FEB 23 down -0.49$/bbl at -0.02$/bbl
  • Brent JUN 23-DEC 23 down -0.58$/bbl at 2.85$/bbl
  • WTI JAN 23-FEB 23 down -0.25$/bbl at 0.03$/bbl
  • WTI JUN 23-DEC 23 down -0.61$/bbl at 2.49$/bbl
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Brent Jan23-Feb23 prompt time spreads turns negative as the market extends the decline on the report of a possible OPEC production increase. Next technical support for Brent at 83.38$/bbl.

  • Brent JAN 23 down -4.3% at 83.89$/bbl
  • WTI JAN 23 down -4.1% at 76.81$/bbl
  • Brent JAN 23-FEB 23 down -0.49$/bbl at -0.02$/bbl
  • Brent JUN 23-DEC 23 down -0.58$/bbl at 2.85$/bbl
  • WTI JAN 23-FEB 23 down -0.25$/bbl at 0.03$/bbl
  • WTI JUN 23-DEC 23 down -0.61$/bbl at 2.49$/bbl