Crude Regains Ground Near to Range Highs After US Data

Crude regains ground following the update US nonfarm payroll data with a weaker US dollar supporting crude.

• The uncertainty over further US Fed rate hikes are back in focus after OPEC production cuts in H2 2023 have started to provide some support to oil markets including to crude futures, time spreads and the crude option call-put skews.
• The front month rally in crude since 28 June has brought futures up to high of the range since the start of May but remains down from levels seen in Q1 and April due to global demand concerns, especially from US and China.

• Brent front month technical resistance at 77.25$/bbl and WTI at 72.72$/bbl.
  • Brent SEP 23 up 0.5% at 76.89$/bbl
  • WTI AUG 23 up 0.5% at 72.18$/bbl
  • WTI-Brent down -0.05$/bbl at -4.75$/bbl
  • Brent SEP 23-OCT 23 up 0.02$/bbl at 0.32$/bbl
  • Brent DEC 23-DEC 24 up 0.03$/bbl at 3.27$/bbl