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Crude Rallies Towards Yesterday's High

OIL

Crude rallies once again with Brent front month and the Dec23-Dec24 spread trading up towards the highs from yesterday with ongoing support from tight supplies.

  • The updated OPEC and EIA monthly reports today and IEA monthly report tomorrow may help to understand the current oil market balance and expectations for the rest of the year.
  • The Nov-Dec spread is also gaining ground up to 0.68$/bbl after remaining slightly softer in recent days.
  • The WTI-Brent spread is holding around -3.9$/bbl with WTI support from the lowest Cushing stocks since Jan.
  • Brent technicals suggest a continuation higher would set the scene for gains towards $92.91 while the uptrend in WTI futures remains intact with sights on the 90$/bbl handle.
    • Brent NOV 23 up 0.7% at 91.23$/bbl
    • WTI OCT 23 up 0.8% at 87.97$/bbl
    • WTI-Brent up 0.02$/bbl at -3.91$/bbl
    • Brent NOV 23-DEC 23 up 0.08$/bbl at 0.68$/bbl
    • Brent DEC 23-DEC 24 up 0.2$/bbl at 7.37$/bbl
    • WTI OCT 23-NOV 23 up 0.03$/bbl at 0.66$/bbl
    • WTI DEC 23-DEC 24 up 0.25$/bbl at 7.88$/bbl
Energy BulletsCommodities
Energy BulletsCommodities

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