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Free AccessCrude Put Skew Narrows Slightly but Futures Pull Back
OIL OPTIONS – Crude option skews are turning slightly less bearish this week despite a pull back in crude futures today from a Brent peak of 84.8$/bbl on Jan 29. Weak manufacturing activity in China and a stronger US dollar are weighing on crude markets today ahead of the latest EIA data and US Fed interest rate decision.
- Crude second month ATM implied volatility has picked up from a low in late January after front month futures traded through the top of the range from earlier in the year. Brent implied vol is up to 30.7% and WTI up to 32.4% but still below levels seen during Q4 2023.
- Brent crude second month 25 delta call-put skew has today narrowed to around -2.05% from -2.65% last week. The WTI second month 25 delta call-put skew is in to -2.65% from about -3.45% on Jan 24.
- The Dec24 call-put skews are also slightly less bearish again after widening briefly last week. The Brent skew is today at -5.3% and the WTI Dec24 skew is at -6.05%.
- Crude aggregate traded volumes increased yesterday with Brent futures up to 1.29m and options up to 266k. WTI volumes also increase with futures at 0.81m and options at 146k yesterday.
- Brent APR 24 down -1.2% at 81.53$/bbl
- WTI MAR 24 down -1.3% at 76.84$/bbl
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Why MNI
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of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.