OPEC Monthly Oil Market Report, September 2020
Crude Oil Price Movements
Spot crude prices settled significantly lower in September, after four consecutive months of gains. The OPEC Reference Basket (ORB) fell by $3.65, or 8.1% m-o-m, to $41.54/b, while the year-to-date averaged $40.62/b. Crude oil futures prices on both sides of the Atlantic declined during September, for the first time since April. ICE Brent was down 7.0% m-o-m, averaging at $41.87/b, while NYMEX WTI dropped 6.5% m-o-m, settling at $39.63/b. The Brent-WTI spread continued narrow at just over $2/b. All three futures market structures remained in contango during September, with ICE Brent and NYMEX WTI futures markets moving into a deeper contango, while the contango in DME Oman eased slightly. Hedge funds and other money managers were less bullish on the oil price outlook in September, and were net sellers of crude in both Brent and WTI…
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