Time spread jump

Crude prices hiked on early Monday, with ICE Brent reaching 86.1 $/b. The most surprising move came late Friday when ICE Brent forward curve steepened, with the Dec/Jan inter month spread reaching 93 cents, previously hovering around 70 cents. Dec-21/Dec-22 also jumped, to reach an impressive 9.73 $/b, rarely experienced that close to the expiry. on the opposite of the spectrum, ICE Gasoil cracks were dented, to reach 11.6 $/b, as ARA stocks were poised to remain at current levels due to low water levels on the Rhine, limiting shipping from the ARA to inland Germany. Looking at OPEC+ output, Nigerian oil officials voiced their concerns over the weekend about deviating from their agreed production path. Nigeria had previously lobbied for increasing production at a faster rate, but this weekend, officials are citing risks of a potential COVID outbreak that could dent demand over the winter as a key risk. Nigeria is indeed enjoying high crude prices but struggles to export its full loading program. on Monday, Qua Iboe and Bonny light OSPs remained unchanged or slightly higher in November as Nigeria takes a cautious stance due to low demand. 

Energyscan oil news
Share this news :

You might also read :

ES-economy
September 29, 2021

Markets adjust to central banks’ new deal

The US 10-year yield settled above 1.5%, up nearly 25bp over the week. The equity markets finally reacted, with tech stocks suffering the biggest losses (-2.83% for…
ES-gas
May 17, 2022

Mixed price evolution

European gas prices were mixed yesterday, torn between conflicting fundamentals. Russian flows dropped yesterday, averaging 221 mm cm/day, compared to 225 mm cm/day on Friday.…
ES-oil
May 27, 2021

Stocks depletion at risk

ICE Brent prompt prices weakened at 68.4 $/b, as the dollar rebounded. Fundamentals remain somewhat weak, as Japanese commercial stocks built, amid a continued drop…
Join EnergyScan

Get more analysis and data with our Premium subscription

Ask for a free trial here

Don’t have an account yet? 

[booked-calendar]