OIL: Crude Pulls Back But Still On Track for Weekly Gain

Crude falls back towards the low from yesterday with no obvious driver but remains on track for a net gain on the week.

• Front month Brent reached a high of the week of 84.48$/bbl yesterday ahead of the Sep contract expiry on Monday.
• The move in futures has been followed by weaker time spreads while the WTI-Brent fell down to a low for the week of -4.19$/bbl before recovering.
  • Brent SEP 23 down -0.6% at 83.74$/bbl
  • WTI SEP 23 down -0.5% at 79.68$/bbl
  • WTI-Brent down -0.02$/bbl at -4.05$/bbl
  • Brent SEP 23-OCT 23 down -0.08$/bbl at 0.37$/bbl
  • Brent DEC 23-DEC 24 down -0.2$/bbl at 4.42$/bbl
  • WTI SEP 23-OCT 23 down -0.03$/bbl at 0.43$/bbl
  • WTI DEC 23-DEC 24 down -0.16$/bbl at 4.89$/bbl