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Strong Supplies Send WTI Front Spread Into Contango

OIL

WTI prompt spread turns negative for the second time this week on strong short term supplies. Russian output has remained strong despite upcoming sanctions and indications that the G7 price cap may be higher than expected may support higher Russian output at the end of the year and into 2023.

  • The reduced capacity of the Zydeco oil pipeline on the US gulf coast until mid to late December, high freight rates and weather disruption are limiting exports and adding to the local supply glut.
    • Brent JAN 23 down -4% at 84.79$/bbl
    • WTI JAN 23 down -4.2% at 77.55$/bbl
    • WTI JAN 23-FEB 23 down -0.31$/bbl at -0.09$/bbl
    • WTI FEB 23-MAR 23 down -0.27$/bbl at -0.02$/bbl
    • WTI DEC 23-DEC 24 down -0.64$/bbl at 3.68$/bbl
    • Brent JAN 23-FEB 23 down -0.43$/bbl at 0.23$/bbl
    • Brent DEC 23-DEC 24 down -0.67$/bbl at 3.76$/bbl
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