August 05, 2022 09:09 GMT
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