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Prompt Brent Spread Turns Negative

OIL

Brent prompt spread follows WTI into contango on weak demand from Chinese lockdowns and Russian flow maintaining ahead of EU and G7 sanctions from Dec 5.

  • A higher than expected Russian oil price cap has been suggested and if agreed could impact on Russian supply less than expected with the 65-70$/bbl level not far from the current Urals price. Russian have once again stated no plans to supply to countries supporting the oil price cap.
    • Brent JAN 23 down -1% at 84.57$/bbl
    • WTI JAN 23 down -0.6% at 77.51$/bbl
    • Brent JAN 23-FEB 23 down -0.31$/bbl at -0.04$/bbl
    • Brent JUN 23-DEC 23 down -0.11$/bbl at 2.69$/bbl
    • WTI JAN 23-FEB 23 down -0.01$/bbl at -0.14$/bbl
    • WTI JUN 23-DEC 23 down -0.11$/bbl at 2.3$/bbl
Energy BulletsCommodities
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