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Support for Brent Time Spreads After OPEC+ Meeting

OIL

Brent time spreads recovering some ground after a week of losses

  • Easing sentiment of supply constraints after the return of Libyan supplies back to 1.2mbpd and reports of a smaller impact of sanctions on Russia flow than originally forecast have pushed spreads lower in recent weeks.
  • Spreads are finding support after the very limited action from OPEC+ earlier in the week, with only a 100kbpd increase in Sep. They also gave warnings of limitations on spare capacity and look to be saving production in case of future supply disruptions.
  • Flat price is hovering just up on the day as economic concerns are weighed against the uncertain supply picture.
    • Brent OCT 22 up 0.2% at 94.31$/bbl
    • WTI SEP 22 up 0% at 88.58$/bbl
    • Brent OCT 22-NOV 22 up 0.15$/bbl at 1.77$/bbl
    • Brent DEC 22-DEC 23 up 0.31$/bbl at 7.43$/bbl
    • WTI SEP 22-OCT 22 up 0.03$/bbl at 1.01$/bbl
    • WTI DEC 22-DEC 23 up 0.26$/bbl at 7.65$/bbl
Energy BulletsCommodities
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