WTI Falling Faster Than Brent As Demand Fears Weigh on Crude Markets

Crude markets continue to fall weighed down by economic concerns and weaker demand growth expectations as the OPEC voluntary production cuts have largely been dismissed by the financial markets.

• Brent front month is falling towards the next technical support at the 31 May low of 71.50$/bbl and with WTI just above the 31 May low of 67.03$/bbl.
• The concern for a US recession is driving WTI quicker than Brent taking the front month spread down to -4.7$/bbl.
• Crude time spreads are also following the move lower with the prompt spread falling back to just above parity.
  • Brent AUG 23 down -3.5% at 72.18$/bbl
  • WTI JUL 23 down -4.1% at 67.32$/bbl
  • WTI-Brent down -0.16$/bbl at -4.68$/bbl
  • Brent AUG 23-SEP 23 down -0.02$/bbl at 0.03$/bbl
  • Brent DEC 23-DEC 24 down -0.61$/bbl at 2.58$/bbl
  • WTI JUL 23-AUG 23 down -0.02$/bbl at -0.18$/bbl
  • WTI DEC 23-DEC 24 down -0.68$/bbl at 2.79$/bbl