Free Trial

Crude Extends Decline with Jun24-Dec24 to Lowest Since May

OIL

Crude extends the earlier decline as the bearish trend continues after US Core CPI came in very much as expected in November at 0.285% M/M but Supercore (core services ex OER & rents) was slightly on the higher side at 0.44% M/M. The US dollar has rallied in reaction to the data.

  • Time spreads are following the move with Brent Jun24-Dec24 falling to the lowest since May 4 and the prompt Brent spread contango strengthening to a spread of -0.26$/bbl.
  • Technicals show the next support for the Brent Feb24 contract is at Jul 6 low of 73.5$/bbl and WTI Jan24 support is at Dec 7 low of 68.8$/bbl.
    • Brent FEB 24 down -2.2% at 74.36$/bbl
    • WTI JAN 24 down -2.3% at 69.65$/bbl
    • Brent FEB 24-MAR 24 down -0.04$/bbl at -0.26$/bbl
    • Brent JUN 24-DEC 24 down -0.21$/bbl at 0.73$/bbl
    • WTI JAN 24-FEB 24 down -0.02$/bbl at -0.26$/bbl
    • WTI JUN 24-DEC 24 down -0.24$/bbl at 0.85$/bbl

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.