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Crude Drifts Lower on Global Demand Uncertainty

OIL

Crude oil extends decline with ongoing concern for global oil demand offsetting a potential tighter supply-demand balance later this year.

  • Prompt time spreads are largely unchanged but longer dated spreads are following the futures move lower.
  • Technical support on Brent Mar23 is at the 50 day EMA of 82.23$/bbl and at the 20 day EMA of 76.96$/bbl for Feb 23 WTI.
    • Brent MAR 23 down -1% at 84.41$/bbl
    • WTI FEB 23 down -1.1% at 79.02$/bbl
    • WTI-Brent down -0.05$/bbl at -5.14$/bbl
    • Brent MAR 23-APR 23 up 0.05$/bbl at -0.22$/bbl
    • Brent JUN 23-DEC 23 down -0.13$/bbl at 2.6$/bbl
    • Brent DEC 23-DEC 24 down -0.18$/bbl at 4.44$/bbl

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