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WTI Prompt Spread Settles After Keystone Force Majeure


WTI prompt spreads have settled after surging yesterday following the Keystone oil pipeline outage.

  • The Jan23-Feb23 spread is hovering around -0.09$/bbl having rallied from -0.28$/bbl up as high as +0.24$/bbl yesterday.
  • Any prolonged outage is likely to impact on US crude inventories and potentially limit the recovery in refinery utilisation.
  • Weak demand and maintaining supplies have been pressuring spreads to the downside in recent weeks with the prompt falling from about 1.3$/bbl at the end of October. The WTI curve is currently in contango until June 2023.
    • Brent FEB 23 up 0.4% at 76.49$/bbl
    • WTI JAN 23 up 0.8% at 72$/bbl
    • WTI JAN 23-FEB 23 up 0.03$/bbl at -0.09$/bbl
    • WTI FEB 23-MAR 23 up 0.02$/bbl at -0.12$/bbl
    • WTI JUN 23-DEC 23 up 0.14$/bbl at 1.01$/bbl
    • WTI DEC 23-DEC 24 down -0.11$/bbl at 2.65$/bbl

Source: Bloomberg

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