Crude Edges Upwards But Still Below Yesterday's High

Crude front month is edging back up but still within yesterday’s trading range with signs of lower Russian exports and the potential for further China policy support measures, particularly for the property sector. The support comes on the back of strength last week due to announced Saudi Arabia production cuts and lower Russian exports expected in August.

• Russian crude exports are showing signs of a decline with seaborne crude flows falling just over 1mbpd on the week to 2.86mbpd according to Bloomberg. Most of the decline was from ports in western Russia with volumes below the average February level.
• The Brent crude high from yesterday at 78.77$/bbl is the first technical resistance while the support is at the 31 May low of 75.03$/bbl. WTI resistance is at 74.15$/bbl and support at 69.69$/bbl.
• Crude time spreads have regained ground after seeing a small dip earlier today, while the WTI-Brent spread is holding steady around -4.7$/bbl.
  • Brent SEP 23 up 0.8% at 78.28$/bbl
  • WTI AUG 23 up 0.9% at 73.66$/bbl
  • WTI-Brent up 0.03$/bbl at -4.69$/bbl
  • Brent SEP 23-OCT 23 up 0.01$/bbl at 0.3$/bbl
  • Brent DEC 23-DEC 24 up 0.1$/bbl at 3.47$/bbl
  • WTI AUG 23-SEP 23 up 0.03$/bbl at 0.07$/bbl
  • WTI DEC 23-DEC 24 up 0.12$/bbl at 3.72$/bbl