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Crude Reverse Direction on OPEC+ Uncertainty Ahead of EIA Data

OIL

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
Energy BulletsCommodities
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