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Crude Extends Decline Through Support Levels

OIL

Crude extends decline down through the first technical support levels amid global demand concerns and supply optimism. Front month Brent falls to the lowest since 21 July with next support at the 50 day EMA at 81.62$/bbl.

  • Current weakness is due to economic concerns in US and China combined with high flows out of Iran and optimism around a return of Iraqi flows via Turkey.
  • Dec23-Dec24 time spreads are following the move but near term spread are largely unchanged after already seeing a big correction lower in the last week.
    • Brent OCT 23 down -2.3% at 82.08$/bbl
    • WTI OCT 23 down -2.4% at 77.74$/bbl
    • WTI-Brent down -0.06$/bbl at -4.34$/bbl
    • Brent OCT 23-NOV 23 down -0.04$/bbl at 0.3$/bbl
    • Brent DEC 23-DEC 24 down -0.24$/bbl at 3.66$/bbl
    • WTI OCT 23-NOV 23 down -0.01$/bbl at 0.28$/bbl
    • WTI DEC 23-DEC 24 down -0.25$/bbl at 3.92$/bbl
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