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WTI Reversal Does Little To Dent Bear Steepening

US TSYS
  • WTI has continued to reverse having topped out close to recent highs at around 1120ET, moving back to circa $74/bbl for down almost 1% on the day.
  • Our commodities team note the return of Libyan production from the Sharara field and a gradual return from North Dakota is offsetting Middle East tensions and loading disruptions in Russia from Ukrainian attacks.
  • The intraday pullback has done little to dent the day’s bear steepening in Tsys, sitting 0.5-6bp cheaper on the day.

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