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WTI-Brent Spread Widens on Russian Supply Concern and Cushing Build

OIL

The Brent-WTI front month spread is edging lower today after falling from 6$/bbl to around 6.5$/bbl yesterday.

  • The move has been helped by the potential disruption to Russian oil flows to Europe following the EU ban on Russian products from 5 Feb and expectation of another build in Cushing inventories in data this week.
  • Cushing stocks rose by about 1.6mbbls from 13-17 Jan according to Blomberg sources citing Wood Mackenzie data.
  • EIA data has showed an increase in Cushing stocks over the last few weeks but inventories last week were still below the five year range and 25% below the seasonal normal.
    • Brent MAR 23 down -0.2% at 87.99$/bbl
    • WTI MAR 23 down -0.2% at 81.46$/bbl
    • WTI-Brent down -0.1$/bbl at -6.53$/bbl
Energy BulletsCommodities
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