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Crude Futures and Spreads Extend Pull Back Towards Lows from Last Week

OIL

Crude futures and time spreads extend the pull back on the day amid a decline in wider market risk appetite after softer than expected industrial profits in China. The oil market focus remains on Thursday’s delayed OPEC+ meeting.

  • The Jun24-Dec24 spread has fallen to the lows from last week of 1.65$/bbl but the Brent front month remains above the lows of around 78.4$/bbl from Nov 22.
  • The Brent prompt spread is falling back towards parity while the WTI contango is strengthening today.
  • Technicals show the bear threat remains intact with key support for the Brent Jan24 contract is down at a Fibonacci retracement at 75.51$/bbl.and short term resistance is at the Nov 14 high of 83.97$/bbl.
  • Crude aggregate traded volumes are expected to pick up today after the low levels seen last week due to the US holiday. Brent volumes were just 562k and WTI 518k on Friday.
    • Brent JAN 24 down -1.6% at 79.29$/bbl
    • WTI JAN 24 down -1.7% at 74.25$/bbl
    • WTI-Brent up 0.01$/bbl at -5.03$/bbl
    • Brent JAN 24-FEB 24 down -0.04$/bbl at 0.06$/bbl
    • Brent JUN 24-DEC 24 down -0.19$/bbl at 1.64$/bbl
    • WTI JAN 24-FEB 24 down -0.04$/bbl at -0.27$/bbl
    • WTI DEC 23-DEC 24 up 0.24$/bbl at 2.55$/bbl
Energy BulletsCommodities
Energy BulletsCommodities

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