Crude Futures and Spreads Rally Towards Highs of the Week

Crude futures and time spreads extends gains on optimism over a resolution to US debt ceiling talks and supported by a slightly weaker US dollar.

• The WTI prompt spread however remains weak with a strengthening contango ahead of the June contract expiry on Monday.
• The WTI-Brent spread is edging higher boosted by the easing US economic sentiment and recovering Cushing inventories from a low in April. The spread has closed from levels around -6$/bbl seen in Q1 assisted by the inclusion of WTI Midland into the Dated Brent benchmark.
• Next technical resistance for Brent is at the 10 May high of 77.60$/bbl and WTI at the 28 April low of 73.93$/bbl.
  • Brent JUL 23 up 1.2% at 76.74$/bbl
  • WTI JUN 23 up 1.1% at 72.67$/bbl
  • WTI-Brent up 0.04$/bbl at -3.91$/bbl
  • Brent JUL 23-AUG 23 up 0.03$/bbl at 0.09$/bbl
  • Brent DEC 23-DEC 24 up 0.22$/bbl at 2.81$/bbl
  • WTI JUN 23-JUL 23 down -0.07$/bbl at -0.15$/bbl
  • WTI JUN 23-DEC 23 up 0.04$/bbl at 1.31$/bbl
  • WTI DEC 23-DEC 24 up 0.23$/bbl at 3.3$/bbl