Free Trial

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

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.