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Crude Regains Ground on Weaker US Dollar

OIL

Crude regains ground to new highs for the day amid a weaker US dollar but still below the peak from yesterday as time spreads continue to suggest tighter supplies with a steeper backwardation.

WTI is gaining faster than Brent as the front month WTI-Brent spread narrows this month from around -5.4$/bbl on Feb.9 to -4.8$/bbl today.

  • Crude futures are at the high end of the recent range after briefly trading through key resistance yesterday of 79.09$/bbl for front month WTI.
  • Technicals show first Brent May24 resistance at the Jan. 29 high of $85.65/bbl with support down at the 50 day EMA of $80.33/bbl. WTI resistance is $79.62/bbl and support at $75.80/bbl
    • Brent MAY 24 up 0% at 82.19$/bbl
    • WTI APR 24 up 0.4% at 78.82$/bbl
    • WTI-Brent up 0.08$/bbl at -4.88$/bbl
    • Brent MAY 24-JUN 24 up 0.07$/bbl at 0.75$/bbl
    • Brent JUN 24-DEC 24 up 0.17$/bbl at 3.63$/bbl
    • WTI APR 24-MAY 24 up 0.2$/bbl at 0.91$/bbl
    • WTI JUN 24-DEC 24 up 0.15$/bbl at 3.87$/bbl
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