# Nearby Brent crude spread hits 2023 high on tight supply - Business & Finance - Business Recorder

> The spread between the front two Brent contracts widened to $2.45 a barrel, the highest since October 2022, signaling prompt physical tightness. Analysts attribute the backwardation to voluntary output cuts from Saudi Arabia and Russia under OPEC+.

- Date: 2023-09-29 · published 2023-09-29T12:00:00.000Z
- Category: market · region Global · magnitude low
- Page: https://feedsoft.ai/events/34273-nearby-brent-crude-spread-hits-2023-high-on-tight-supply-business-and-finance
- Commodities: [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

A steep backwardation signals tight prompt supply, which tends to lift near-term energy costs and support commodity prices linked to crude. Feed buyers face higher energy and freight expenses while the structure persists.

## Read by commodity

- BRENT: bullish ▲

## Sources

- brecorder.com: https://www.brecorder.com/news/40265746

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.