- Oil prices continued moderately lower Tuesday morning following Monday’s carnage that saw prices tumble to an eight-week low
- Yesterday’s route in price was likely due more to concerns surrounding the fast-spreading delta variant of Covid-19 rather than OPEC+’s agreement to increase production
- Multiple asset classes felt pain Monday in a total risk-off trading session that sent equities plunging
- The 7.5% decline for WTI yesterday was the largest selloff since September
- Crude oil time-spreads were reduced after prices dipped – WTI moved into the weakest backwardation for the prompt spread since June 30
- WTI August-September spread’s backwardation sunk 18c to +7c/Bbl on Monday. The August WTI contract rolls off the board today after the close
- The twelve-month time-spread tightened by $1.10 to +$4.95/Bbl yesterday