Crude time spreads are trading higher today with the prompt spread edging back up towards parity.

• The Apr-May spread switched from contango into backwardation late yesterday.
• The Jun23-Dec23 spread has risen above the recent range but remains below a peak of 3.21$/bbl at the start of the year.
• Crude futures are holding onto earlier gains with high uncertainty over both supply and demand but support coming from Chinese demand optimism.
  • Brent MAR 23 up 0.6% at 80.58$/bbl
  • WTI FEB 23 up 0.4% at 75.43$/bbl
  • Brent MAR 23-APR 23 up 0.03$/bbl at -0.15$/bbl
  • Brent APR 23-MAY 23 up 0.05$/bbl at 0.08$/bbl
  • Brent JUN 23-DEC 23 up 0.25$/bbl at 2.08$/bbl
  • WTI FEB 23-MAR 23 unchanged at -0.25$/bbl
  • WTI JUN 23-DEC 23 up 0.18$/bbl at 1.73$/bbl