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Crude Extends Decline Amid Oil Demand Growth Concern

OIL

Crude futures and time spreads extends the pull back today due to softer Chinese imports and concerns for oil demand growth.

  • The strength in the US dollar is adding to the downside pressure on crude ahead of the CPI data due on Thursday as the market looks for signs of futures US Fed monetary tightening plans.
  • The WTI-Brent spread is resuming the narrowing trend in to -3.7$/bbl today supported by falling stocks at Cushing in recent weeks.
  • Next support for Oct23 Brent is at the 3 Aug low of 82.36$/bbl while WTI support is at 78.69$/bbl.
    • Brent OCT 23 down -1.6% at 83.95$/bbl
    • WTI SEP 23 down -1.6% at 80.65$/bbl
    • WTI-Brent up 0.13$/bbl at -3.69$/bbl
    • Brent OCT 23-NOV 23 down -0.04$/bbl at 0.36$/bbl
    • Brent DEC 23-DEC 24 down -0.37$/bbl at 4.3$/bbl
    • WTI SEP 23-OCT 23 down -0.04$/bbl at 0.41$/bbl
    • WTI DEC 23-DEC 24 down -0.34$/bbl at 4.88$/bbl
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