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Crude and Spreads Extend Decline

OIL

Crude extends the decline as uncertainty over the US and global economy weighs on future oil demand growth expectations and pressured by a strong US dollar.

  • Brent crude is trading back below the start of week levels to reverse the gains seen yesterday. Time spreads are falling back towards the lowest since the start of the month.
  • The WTI-Brent spread is holding around -3.85$/bbl with support from the falling Cushing stocks in recent weeks and with the addition of WTI Midland into the physical Dated Brent benchmark from June.
  • Key technical support for Brent is at the 79.95$/bbl 31 Mar high and gap low on the daily chart and with WTI key support at 75.83$/bbl.
    • Brent JUN 23 down -2% at 81.11$/bbl
    • WTI JUN 23 down -1.9% at 77.25$/bbl
    • WTI-Brent up 0.08$/bbl at -3.86$/bbl
    • Brent JUN 23-JUL 23 down -0.08$/bbl at 0.11$/bbl
    • Brent JUN 23-DEC 23 down -0.15$/bbl at 2.22$/bbl
    • Brent DEC 23-DEC 24 down -0.23$/bbl at 3.99$/bbl
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