January 27, 2023 15:54 GMT
Uncertain Crude Loses Earlier Gains Before JMMC Meeting Next Week
Crude eases back from earlier gains to trade near to flat on the day with time spreads following. The market is weighing up recession concerns with demand uncertainty from China and potential Russian supply disruption with sanctions due to start of 5 Feb.
- OPEC+ delegates expect the JMMC advisory committee to keep oil production levels unchanged when they meet on 1 Feb next week according to Reuters earlier this week.
- Brent is still holding up higher than WTI pushing the WTI-Brent spread further down to -6.6$/bbl.
- Brent MAR 23 up 0% at 87.51$/bbl
- WTI MAR 23 down -0.1% at 80.9$/bbl
- WTI-Brent down -0.16$/bbl at -6.62$/bbl
- Brent MAR 23-APR 23 up 0.01$/bbl at 0.2$/bbl
- Brent APR 23-MAY 23 up 0.04$/bbl at 0.26$/bbl
- Brent JUN 23-DEC 23 up 0.06$/bbl at 3.29$/bbl
- Brent DEC 23-DEC 24 up 0.03$/bbl at 5.64$/bbl