WTI time-spread jumps to strongest since May 2020 – Bloomberg

Anil Panchal FXStreet

As per the latest analytical piece from Bloomberg, mainly taking clues from the Futures trading data, the “June-July WTI time-spread, also known as the prompt cash roll, traded at 20 cents a barrel Tuesday, the strongest level since May 2020.”

“The spread serves as an indicator of supply-and-demand balances at the main U.S. crude storage hub in Cushing, Oklahoma. Its recent strength shows that inventories are tight just as oil refiners are ramping up output,” said the piece.

The report also suggests “a potential supply crunch just ahead of the busy summer driving season that sparks a demand surge.”

On the other hand, the Financial Times (FT) said, “Many fossil fuel-dependent economies will struggle to diversify despite intense pressure to hit 2050 targets.”

Read: WTI holds in supply zone, eyes on correction to 21-day EMA

Author

Anil Panchal

FXStreet

Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.

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