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Prompt WTI Spread Gains Ground But Still in Contango

OIL

The WTI prompt spread is gaining ground today on supply concerns and increased optimism over demand but it remains in contango suggesting ample near term supplies against the current weak demand.

  • Longer dated spreads are also slightly up on the day although have pulled back from earlier gains. Concern for supplies with outages in Turkey and Norway added to optimism around future Chinese demand to support the futures today.
  • The strength in the WTI prices has helped close the spread to Brent in from -6.6$/bbl this morning to around -6.3$/bbl.
    • Brent APR 23 up 1.8% at 82.42$/bbl
    • WTI MAR 23 up 2.3% at 75.82$/bbl
    • WTI-Brent up 0.2$/bbl at -6.32$/bbl
    • WTI MAR 23-APR 23 up 0.09$/bbl at -0.27$/bbl
    • WTI APR 23-MAY 23 up 0.06$/bbl at -0.21$/bbl
    • WTI JUN 23-DEC 23 up 0.26$/bbl at 2.15$/bbl
    • WTI DEC 23-DEC 24 up 0.13$/bbl at 4$/bbl
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