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Crude Rallies to Highest So Far This Year

OIL

Crude front month futures are pushing through the top of the range seen so far this year amid rising geopolitical risks.

  • Ongoing Middle East tensions and the escalation in attacks on Russia’s energy infrastructure by Ukraine are combining with a US crude inventory draw yesterday and potential additional China stimulus plans.
  • Brent is trading through the first technical resistance at 80.75$/bbl with the key resistance up at the Dec 26 high of 81.45$/bbl.
  • Moves in the prompt time spreads are relatively small but the Jun24 - Dec24 spreads are rallying to the highest since early November.
    • Brent MAR 24 up 1.4% at 81.19$/bbl
    • WTI MAR 24 up 1.6% at 76.29$/bbl
    • WTI-Brent up 0.01$/bbl at -4.9$/bbl
    • Brent MAR 24-APR 24 up 0.02$/bbl at 0.43$/bbl
    • Brent JUN 24-DEC 24 up 0.16$/bbl at 2.28$/bbl
    • WTI MAR 24-APR 24 up 0.04$/bbl at 0.15$/bbl
    • WTI JUN 24-DEC 24 up 0.15$/bbl at 2.44$/bbl

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