AUUSanAKUL/Shutterstock Save for later Print Download Share LinkedIn Twitter Oil markets are adjusting to new crude and product flows after Europe's ban on Russian imports although jet fuel's supply resilience has yet to be tested, with air traffic still not back to pre-Covid-19 levels. Headline crude oil prices fell back on concerns that oil demand growth will be swamped by even bigger increases in production this year. International benchmark Brent shed $3.16 per barrel over the week to close at $81.59/bbl Thursday, losing all the gains of the previous week and more. US domestic price-pin West Texas Intermediate dropped $2.44/bbl to finish at $75.72/bbl. Crude’s forward curves are certainly reflecting a looser market. WTI is now in contango on the front, with the prompt-month trading at a discount to later-dated contracts signaling a well-supplied market. Brent is still backwardated but the premium for prompt delivery is becoming less steep.
