WTI-Brent Lowest Since Nov as Crude Rangebound

Crude has regained some ground but still rangebound as a weaker US dollar gives support to oil. Brent has held between 85.6$/bbl to 88.9$/bbl over the last week.

• The prompt Brent spread (Mar-Apr) earlier today rallied as high as 0.37$/bbl but has since pulled back to 0.22$/bbl. Russian supply risks due to the upcoming sanctions have brought the spread into backwardation after weak demand had kept the spread in contango for most of the time since the start of December. The contract expiry for the March future is tomorrow, 31 Jan.
• The Jun23-Dec23 spread has today reached 3.51$/bbl as supply concerns and demand optimism drives steeper crude backwardation.
• WTI-Brent continues to widen to the lowest since November with Brent again slightly stronger than WTI.
  • Brent MAR 23 down -0.1% at 86.59$/bbl
  • WTI MAR 23 down -0.2% at 79.55$/bbl
  • WTI-Brent down -0.06$/bbl at -7.01$/bblc
  • Brent MAR 23-APR 23 down -0.04$/bbl at 0.22$/bbl
  • Brent APR 23-MAY 23 up 0.03$/bbl at 0.39$/bbl
  • Brent JUN 23-DEC 23 up 0.07$/bbl at 3.47$/bbl
  • Brent DEC 23-DEC 24 down -0.06$/bbl at 5.31$/bbl