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Crude Regains Ground After Higher OPEC Demand Growth Forecast


Brent crude rallies through the highs from Friday after the OPEC MOMR released earlier today raised the 2023 oil demand growth forecast by 100kbpd to 2.5mbpd. The report suggested a positive outlook for demand despite exaggerated negative sentiment. The updated IEA monthly oil report is due out tomorrow.

  • Technicals show a current bear cycle with the key Brent Jan24 resistance at the Nov 3 high of 87.8$/bbl while support is at the Nov 8 low of 79.2$/bbl.
  • Time spreads are following the move higher with the WTI prompt spread back in positive territory after falling into contango last week.
    • Brent JAN 24 up 0.9% at 82.2$/bbl
    • WTI DEC 23 up 1% at 77.93$/bbl
    • WTI-Brent unchanged at -4.31$/bbl
    • Brent JAN 24-FEB 24 up 0.07$/bbl at 0.37$/bbl
    • Brent JUN 24-DEC 24 up 0.12$/bbl at 1.99$/bbl
    • WTI DEC 23-JAN 24 up 0.03$/bbl at 0.05$/bbl
    • WTI DEC 23-DEC 24 up 0.33$/bbl at 3.66$/bbl

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