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Crude Rebounds After Initial Dip Following US Payrolls Data

OIL

The prompt Brent time spread has recovered to the highest since Dec 1 at 0.26$/bbl as futures rebound after an initial dip following US NFP data. Crude is finding support from Red Sea shipping disruption and with the halt to some crude production in Libya this week.

  • The prompt WTI is also gaining ground back up closer to parity at -0.08$/bbl having held in contango since the start of December. The longer dated Jun24-Dec24 spreads are holding steady with Brent trading in a range of 1.28$/bbl to 2.17$/bbl in recent weeks.
  • Crude markets are finding some support despite the recent strength in the US dollar. The US dollar has corrected after an initial rally and hawkish market reaction to the latest US payrolls and AHE data.
  • Technicals suggest the key short term Brent resistance is up at the Dec 26 high of 81.45$/bbl with WTI resistance at the 5- day EMA of 74.98$/bbl.
    • Brent MAR 24 up 1.4% at 78.65$/bbl
    • WTI FEB 24 up 1.8% at 73.47$/bbl
    • Brent MAR 24-APR 24 up 0.07$/bbl at 0.25$/bbl
    • Brent JUN 24-DEC 24 up 0.16$/bbl at 1.86$/bbl
    • WTI FEB 24-MAR 24 up 0.09$/bbl at -0.08$/bbl
    • WTI JUN 24-DEC 24 up 0.2$/bbl at 2.02$/bbl
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