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Crude Futures and Spreads Extend Recovery

OIL

Crude extends gains as the banking sector uncertainty eases allowed crude prices to regain towards the higher end of the trading range from last week.

  • Next technical resistance for Brent is at the 23 Mar high of 77.44$/bbl with further resistance at the 20 day EMA of 78.42$/bbl.
  • Near term time spread remains relatively unchanged on the day but longer dated spreads are following the front month futures move higher. Dec23-Dec24 is back up to 2.68$/bbl compared to a high of 2.97$/bbl from last week.
  • WTI is edging up faster than Brent to help bring the WTI-Brent spread up from around -6$/bbl on Friday up to -5.65$/bbl.
    • Brent MAY 23 up 1.6% at 76.19$/bbl
    • WTI MAY 23 up 1.8% at 70.54$/bbl
    • WTI-Brent up 0.11$/bbl at -5.65$/bbl
    • Brent MAY 23-JUN 23 down -0.03$/bbl at 0.37$/bbl
    • Brent JUN 23-DEC 23 up 0.11$/bbl at 1.44$/bbl
    • Brent DEC 23-DEC 24 up 0.33$/bbl at 2.68$/bbl
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