Crude Reverse Direction on OPEC+ Uncertainty Ahead of EIA Data

Crude reverses direction to trade back negative on the day in volatile trading as the market continues to assess the risk from future OPEC+ supplies and member quotas ahead of the delayed meeting tomorrow.

• EIA data due shortly is expected to show crude inventories almost unchanged on the week and with draws in gasoline and distillates and an increase in refinery utilisation according to a Bloomberg survey.
• Crude time spreads are following the move lower while the options market remains skewed to the downside.
• Technicals show the bear threat remains intact with key support for the Brent Jan24 contract is down at a Fibonacci retracement at 75.51$/bbl.and short term resistance is at the Nov 14 high of 83.97$/bbl.
  • Brent JAN 24 down -0.5% at 81.28$/bbl
  • Brent FEB 24 down -0.6% at 80.98$/bbl
  • WTI JAN 24 down -0.5% at 75.99$/bbl
  • Brent JAN 24-FEB 24 up 0.03$/bbl at 0.24$/bbl
  • Brent FEB 24-MAR 24 down -0.03$/bbl at 0.21$/bbl
  • Brent JUN 24-DEC 24 down -0.16$/bbl at 1.82$/bbl