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Crude Extends Gains; Brent Up 8% on the Week

OIL

Crude extends the weekly gains with longer dated time spreads following but prompt spreads holding in contango. Brent front month is up over 8% on the week.

  • Key technical resistance on the Brent Mar23 contract is at the 3 Jan high of 87.00$/bbl and at 81.5$/bbl for the WTI Feb23 contract.
    • Brent MAR 23 up 1% at 84.91$/bbl
    • WTI FEB 23 up 1.3% at 79.4$/bbl
    • Brent MAR 23-APR 23 down -0.01$/bbl at -0.17$/bbl
    • Brent JUN 23-DEC 23 up 0.33$/bbl at 2.78$/bbl
    • WTI FEB 23-MAR 23 unchanged at -0.26$/bbl
    • WTI JUN 23-DEC 23 up 0.38$/bbl at 2.56$/bbl

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