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Crude Pulls Back After Failing to Break Higher

OIL

Crude pulls back to the lows of the day after failing to break above technical resistance and the recent Brent range highs of 77.25$/bbl.

  • Expectation of tighter supplies following Saudi production and Russian export cuts earlier this week had provided some support from just over 75$/bbl at the start of this week.
  • The uncertainty over further US Fed rate hikes is back in focus due to the ongoing inflation impact. Weaker US demand growth and a muted demand recovery in China are limiting upside moves.
  • Time spreads have followed the move lower with the prompt WTI spread back in contango.
    • Brent SEP 23 down -0.3% at 76.27$/bbl
    • WTI AUG 23 down -0.4% at 71.48$/bbl
    • WTI-Brent down -0.06$/bbl at -4.76$/bbl
    • Brent SEP 23-OCT 23 down -0.01$/bbl at 0.29$/bbl
    • Brent DEC 23-DEC 24 down -0.11$/bbl at 3.13$/bbl
    • WTI AUG 23-SEP 23 down -0.03$/bbl at -0.02$/bbl
    • WTI DEC 23-DEC 24 down -0.12$/bbl at 3.31$/bbl
Energy BulletsCommodities
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