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Crude Extends Pull Back but Within Weekly Range

OIL

Crude futures extend the pull back amid a strengthening US dollar but remains above the low from yesterday. Front month has held within the 81.66$/bbl to 83.96$/bbl range this week.

  • Demand concern and the potential for US rates higher for longer are offsetting tighter supply concerns and Middle East risk.
  • Time spreads are also drifting lower today but are still seeing a net gain this month from lows on Feb 5. Jun24-Dec24 spread rose from 1.88$/bbl in early Feb to a high of 3.47$/bbl yesterday.
  • Technicals show key short term resistance from the Apr Brent contract at the Jan 29 high of 84.17$/bbl and first support down at the 50 day EMA of 79.88$/bbl.
    • Brent APR 24 down -1.3% at 82.55$/bbl
    • WTI APR 24 down -1.5% at 77.43$/bbl
    • Gasoil MAR 24 up 0.3% at 838.75$/mt
    • WTI-Brent down -0.04$/bbl at -5.13$/bbl
    • Brent APR 24-MAY 24 down -0.03$/bbl at 0.94$/bbl
    • Brent JUN 24-DEC 24 down -0.26$/bbl at 3.14$/bbl
    • WTI APR 24-MAY 24 down -0.08$/bbl at 0.6$/bbl
    • WTI JUN 24-DEC 24 down -0.25$/bbl at 3.25$/bbl
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