Crude Extends Gain On China Demand Optimism

Crude extends gains on optimism for Chinese demand after better than expected economic data.

• The Jun23-Dec23 and Dec34-Dec24 spreads are both following the move, however weak near term demand is keeping the prompt spread unchanged and still in contango.
• Brent is hovering around the 16 Jan high of 85.59$/bbl although is just down from the high of 85.82$/bbl today. Next key technical restistance is at the 3 Jan high of 87.00$/bbl. The key restiance on WTI is at 81.5$/bbl.
  • Brent MAR 23 up 1.4% at 85.62$/bbl
  • WTI FEB 23 up 0.4% at 80.2$/bbl
  • Brent MAR 23-APR 23 up 0.01$/bbl at -0.19$/bbl
  • Brent APR 23-MAY 23 down -0.01$/bbl at 0.2$/bbl
  • Brent JUN 23-DEC 23 up 0.19$/bbl at 2.78$/bbl
  • Brent DEC 23-DEC 24 up 0.31$/bbl at 4.74$/bbl