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WTI-Brent Spread Pulls Back After Keystone Pipeline Restart

OIL

Brent trading near to close levels with optimism for Chinese demand next year supporting prices despite the current surge in covid cases.

  • Global recession fears are limiting market upside while uncertainty remains over Russian oil output following the introduction of sanctions at the start of December. Russian Deputy Prime Minister Alexander Novak said last week that oil output may fall by 500kbpd to 700kbpd early next year.
  • Brent time spreads also remain unchanged on the day with the whole curve in backwardation.
  • The WTI-Brent spread is declining after the restart of the US Keystone pipeline. Regulators have allowed the 622kbpd pipeline to resume operation at 20% lower pressure through the damaged segment after flows were halted on 7 Dec.
    • Brent MAR 23 up 0% at 83.48$/bbl
    • WTI FEB 23 down -0.1% at 78.35$/bbl
    • WTI-Brent down -0.48$/bbl at -4.12$/bbl
    • Brent MAR 23-APR 23 unchanged at 0.15$/bbl
    • Brent JUN 23-DEC 23 unchanged at 2.77$/bbl
    • Brent DEC 23-DEC 24 unchanged at 4.2$/bbl
Energy BulletsCommodities
Energy BulletsCommodities

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