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Brent Front Month Rallies to Highest Since November

OIL

Crude futures continue to rally having broken through technical resistance levels up to the highest since early November.

  • The move is driven by a supply deficit suggested in the latest IEA monthly report and following on from previous support from drone attacks on Russian refineries and an unexpected draw in US crude stocks yesterday.
  • Crude time spreads are also stronger with the Jun24-Dec24 spread approaching the highest since June 2022 reflecting the tighter market conditions.
  • The crude call-put skews have also narrowed with the Brent second month 25 delta skew at the least bearish since mid January at around -1.5%.
    • Brent MAY 24 up 1.8% at 85.52$/bbl
    • WTI APR 24 up 2.1% at 81.43$/bbl
    • WTI-Brent up 0.08$/bbl at -4.67$/bbl
    • Brent MAY 24-JUN 24 up 0.14$/bbl at 0.73$/bbl
    • Brent JUN 24-DEC 24 up 0.42$/bbl at 4.17$/bbl
    • WTI APR 24-MAY 24 up 0.16$/bbl at 0.58$/bbl
    • WTI JUN 24-DEC 24 up 0.44$/bbl at 4.14$/bbl
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