Crude Markets Extend Gains Ahead of EIA Data

Crude extends gains through the first technical resistance levels ahead of the updated EIA weekly petroleum data as Middle East tensions and tighter supplies offset global demand concern.

• Near term time spreads are holding steady today after gains seen yesterday but the longer dated Jun24-Dec24 spreads are following the flat price move higher.
• The EIA weekly petroleum inventory data is due for release this afternoon at 10:30 ET (15:30GMT). EIA data is expected to show a crude inventory build and gasoline and distillates stock draws with refinery utilisation little changed on the week according to a Bloomberg survey.
• Technicals show the next key Brent resistance at the Jan 29 high of 84.17$/bbl and first support at the 50 day EMA at 79.56$/bbl.
  • Brent APR 24 up 0.7% at 83.39$/bbl
  • WTI MAR 24 up 0.9% at 78.55$/bbl
  • WTI-Brent down -0.01$/bbl at -5.17$/bbl
  • Brent APR 24-MAY 24 down -0.04$/bbl at 0.66$/bbl
  • Brent JUN 24-DEC 24 up 0.05$/bbl at 2.95$/bbl
  • WTI MAR 24-APR 24 up 0.02$/bbl at 0.33$/bbl
  • WTI JUN 24-DEC 24 up 0.07$/bbl at 3.01$/bbl