Crude Futures and Spreads Drift Back From Daily High

Crude futures and times spread are off from the highs of the day after front month Brent edged towards the peak from earlier this week and technical resistance level at 91.15$/bbl. WTI resistance is at 88.08$/bbl.

• Time spreads are still supported by market concern for tighter supplies and global inventory drawdowns. The recent US inventory draws could ease with the upcoming refinery maintenance season and with uncertain demand growth in Q4, although the extended Saudi and Russia output cuts will keep supplies tight.
• The updated IEA, EIA and OPEC monthly reports due next week may help to understand the current market balance and expectations for the rest of the year.
• Crude daily traded volumes have fallen back below the recent normal after spiking higher on 5 Sep. Brent aggregate daily traded futures volume was yesterday down to 682k compared to an average of 972k over the previous 30 days.
  • Brent NOV 23 up 0.4% at 90.24$/bbl
  • WTI OCT 23 up 0.2% at 87.06$/bbl
  • WTI-Brent down -0.09$/bbl at -3.89$/bbl
  • Brent NOV 23-DEC 23 unchanged at 0.67$/bbl
  • Brent DEC 23-DEC 24 up 0.11$/bbl at 6.94$/bbl
  • WTI OCT 23-NOV 23 down -0.02$/bbl at 0.7$/bbl
  • WTI DEC 23-DEC 24 up 0.01$/bbl at 7.38$/bbl