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Brent Crude Futures Ease Back from Recent Range Highs

OIL

Crude futures fall back from earlier gains to remain in the 74.79$/bbl to 80.75$/bbl range seen so far this year. A rebound in output from Libya has helped to offset gains seen due to rising Middle East tensions and the slow recovery in US output following severe cold disruption last week.

  • Libya’s oil production has rebounded to 1.2mbpd, after the restart of the 300kbpd Sharara oil field, the country’s oil minister Mohamed Oun told Bloomberg.
  • Prompt time spreads are holding just below the highs seen over the last week while the Dec24 spreads have dipped down from the highest since late Dec seen yesterday.
  • Technicals suggest the Brent futures remain bearish despite recent gains with clearance of the Dec 26 high of 81.45$/bbl required to signal a stronger reversal.
    • Brent MAR 24 down -0.7% at 79.5$/bbl
    • WTI MAR 24 down -0.7% at 74.21$/bbl
    • WTI-Brent down -0.04$/bbl at -5.28$/bbl
    • Brent MAR 24-APR 24 down -0.03$/bbl at 0.43$/bbl
    • Brent JUN 24-DEC 24 down -0.04$/bbl at 2.04$/bbl
    • WTI MAR 24-APR 24 unchanged at 0.11$/bbl
    • WTI JUN 24-DEC 24 down -0.06$/bbl at 2.09$/bbl
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