Crude Put Skew Steadies After Turning Less Bearish Since Nov

The crude near term call-put skew is holding steady today after pulling back slightly since last week after a gradual reduction in the bearish skew since November.

• Brent crude second month 25 delta call-put skew is today at -2.35% compared to -3.2% at the start of the year but down from around -1.8% on Jan 5. The WTI second month 25 delta call-put skew is today at -2.9% from nearly -4% at the start of Jan and compared to the recent high of -2.25%.
• The Brent Dec24 crude option call-put skew continues to narrow in to -5.4% while the WTI spread is up to -6.2%.
• Brent options aggregate trading volumes were back up to 139k yesterday after dropping late last week and WTI options volumes were the highest since mid Dec at 136k. Brent aggregate crude traded volumes were at to 0.97m yesterday compared to the Dec daily average of 0.86m and WTI futures were up to 0.89m vs 0.67m in Dec.
  • Brent MAR 24 up 1.1% at 76.96$/bbl
  • WTI FEB 24 up 1.3% at 71.67$/bbl