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Crude Holds Near August Highs Ahead of US Payrolls Data

OIL

Crude futures and spreads maintain supply driven gains ahead of the updated US payrolls data due out at 108:30 ET (13:30 BST).

  • The data may provide a sign of future US oil demand and help suggest whether the US Fed may extend or pause the rate tightening cycle.
  • Expectation that Saudi and Russia supply cuts and slightly better than expected manufacturing PMIs in China this week have driven front month Brent up towards the highs seen on 10 Aug at 88$/bbl.
    • Brent NOV 23 up 1% at 87.74$/bbl
    • WTI OCT 23 up 1% at 84.49$/bbl
    • Brent NOV 23-DEC 23 up 0.1$/bbl at 0.7$/bbl
    • Brent DEC 23-JAN 24 up 0.07$/bbl at 0.66$/bbl
    • Brent DEC 23-DEC 24 up 0.24$/bbl at 5.89$/bbl
    • WTI OCT 23-NOV 23 up 0.06$/bbl at 0.73$/bbl
    • WTI DEC 23-DEC 24 up 0.24$/bbl at 6.41$/bbl
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