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Crude Futures and Longer Time Spreads Hold Gains Amid OPEC+ Supply Risks

OIL

Crude futures and longer term time spreads have eased back slightly from the earlier highs as the market assesses the risk of extended or even additional OPEC+ cuts at the group meeting this coming weekend.

  • Middle East tensions and the weakness in the US dollar are adding to the upward pressure on prices but weighed again uncertain global demand growth forecasts especially in China after a drop in crude imports last month.
  • Near term spread moves are more muted with the Jan24-Feb24 spreads almost unchanged from the previous close.
  • Technicals show the key short term resistance for the Brent Jan24 contract up at the Nov14 high of 83.97$/bbl while support is at a Fibonacci retracement at 75.51$/bbl.
    • Brent JAN 24 up 1.7% at 81.98$/bbl
    • WTI JAN 24 up 1.7% at 77.36$/bbl
    • Brent JAN 24-FEB 24 up 0.01$/bbl at 0.12$/bbl
    • Brent JUN 24-DEC 24 up 0.13$/bbl at 1.89$/bbl
    • WTI JAN 24-FEB 24 down -0.01$/bbl at -0.08$/bbl
    • WTI DEC 23-DEC 24 up 0.24$/bbl at 2.55$/bbl
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