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Crude Extends Decline on Oil Demand Concern

OIL

Crude extends the decline from yesterday with economic growth concerns and higher than expected Russian output weighing on prices.

  • Longer dated time spreads are following the move lower but near term spreads remain unchanged on the day.
  • Technical support levels for Brent May23 are at the 3 Mar low of 82.36$/bbl and 23 Feb low of 80.25$/bbl.
  • Barclays are the latest bank to reduce their crude price forecast for later this year. The bank cut its 2023 Brent crude forecast by $6/bbl to $92/bbl. The WTI crude forecast was revised down by $7/bbl to $87/bbl.
    • Brent MAY 23 down -1.1% at 82.41$/bbl
    • WTI APR 23 down -1.4% at 76.5$/bbl
    • WTI-Brent down -0.19$/bbl at -5.74$/bbl
    • Brent MAY 23-JUN 23 down -0.01$/bbl at 0.48$/bbl
    • Brent JUN 23-DEC 23 down -0.03$/bbl at 2.43$/bbl
    • Brent DEC 23-DEC 24 down -0.24$/bbl at 4.45$/bbl
Energy BulletsCommodities
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