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Steeper Backwardation at Front of Brent Curve

OIL

Brent front time spreads push higher as supply issues continue to influence crude.

  • Short term supply disruptions has driven the Brent 1-2 spread from 1.96$/bbl at the start of last week to currently trade at 3.37$/bbl. The longer dated Dec22-Dec23 spread has fallen back slightly over the same time period but remains in an upward trend and noticeably higher than last month. The moves in WTI spreads follow the same trend but have been more muted than Brent.
  • Brent AUG 22 up 0.7% at 123.17$/bbl
  • WTI JUL 22 up 0.6% at 121.67$/bbl
  • Brent AUG 22-SEP 22 up 0.17$/bbl at 3.37$/bbl
  • Brent DEC 22-DEC 23 up 0.22$/bbl at 14.83$/bbl
  • WTI JUL 22-AUG 22 unchanged at 2.68$/bbl
  • WTI DEC 22-DEC 23 up 0.28$/bbl at 15.49$/bbl
Energy BulletsCommodities
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