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Crude Drifting Down Towards Friday Lows


Crude is easing back down towards the lows from Friday of 85.56$/bbl driven by a slightly stronger US dollar with tighter supplies still balanced against global oil demand concerns.

  • Crude implied volatility is down to the lowest since Oct 2021 with Brent second month volatility down to a low of 31.75% on Friday and WTI down to 32.1%. Crude has remained within the 83.5$/bbl to 87.4$/bbl range since the announcement at the start of April of the voluntary OPEC production cuts from next month.
  • The second month Brent 25 delta call-put skew is around -4.9% and WTI at -5.4%.
  • Crude times spreads are following the direction for the futures with prices also drifting lower today.
    • Brent JUN 23 down -0.4% at 85.98$/bbl
    • WTI MAY 23 down -0.4% at 82.18$/bbl
    • WTI-Brent up 0.03$/bbl at -3.87$/bbl
    • Brent JUN 23-JUL 23 down -0.03$/bbl at 0.41$/bbl
    • Brent JUN 23-DEC 23 down -0.08$/bbl at 3.37$/bbl
    • Brent DEC 23-DEC 24 down -0.11$/bbl at 5.41$/bbl

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