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Crude Futures and Spreads Extend Decline

OIL

Crude future and spreads extend the decline with Brent falling to the lows of last week on concern for the US debt ceiling ‘deal in principle’ which has to pass a divided US Congress before June 5 to avoid a default and potential disruption to financial markets.

  • Supply focus remains on the OPEC+ meeting at the weekend as some countries, such as Russia and Iraq, have suggested no changes to production targets are currently planned. The Saudi Arabi warning to market speculations last week provided some upside support.
  • Next technical support for Brent is at the 15 May low of 73.49$/bbl and WTI at 69.39$/bbl.
    • Brent JUL 23 down -2.2% at 75.37$/bbl
    • WTI JUL 23 down -2.1% at 71.14$/bbl
    • WTI-Brent down -0.18$/bbl at -4.19$/bbl
    • Brent JUL 23-AUG 23 down -0.06$/bbl at -0.09$/bbl
    • Brent DEC 23-DEC 24 down -0.3$/bbl at 2.88$/bbl
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