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Crude Rallies To High of the Day on Lower OPEC Supplies

OIL

Crude extends gains near to the highs of the day with the pledged Saudi Arbia 1mbpd output cut into August providing some support to offset ongoing economic growth fears.

  • A weaker outlook for the western economies and a sluggish economic recovery in China are weighing on prices. The risk of further central bank rate hikes is weighing on the US market with WTI-Brent falling back down below -4.8$/bbl.
  • Next technical resistance for Brent is up at 77.25$/bbl and WTI up at 72.72$/bbl.
  • The Brent crude prompt spread continues to regain ground after falling into contango last week with Sep-Oct up from a low of -0.18$/bbl on 28 June to a high of +0.23$/bbl today. Global economic growth concerns are however still limiting the strength in the spreads with Dec23-Dec24 edging higher but within the middle of the 1.7$/bbl to 3.9$/bbl range since the start of May.
    • Brent SEP 23 up 2% at 76.17$/bbl
    • WTI AUG 23 up 2.1% at 71.25$/bbl
    • WTI-Brent down -0.11$/bbl at -4.81$/bbl
    • Brent SEP 23-OCT 23 up 0.04$/bbl at 0.22$/bbl
    • Brent DEC 23-DEC 24 up 0.16$/bbl at 3.02$/bbl
    • WTI AUG 23-SEP 23 up 0.01$/bbl at -0.11$/bbl
    • WTI DEC 23-DEC 24 up 0.11$/bbl at 3.21$/bbl
Energy BulletsCommodities
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