Crude Steady After 6$/bbl Recovery This Week

Brent crude front month is holding within a tight 75.6$/bbl to 77$/bbl range so far today as the market assesses major central bank policy and recession fears. Front month has recovered 6$/bbl from a low at the start of the week but is still down about 10$/bbl from a high in earlier March.

• Technicals shows the downtrend in Brent remains intact and this week’s recovery is considered corrective. Key support is at the 20 Mar low of 70.12$/bbl and resistance at the 20 day EMA of 79.08$/bbl.
• The second month Brent 25 delta call-put skew has stabilised around -6.3% after falling as low as -10.2% on 20 March from a high of -2% at the start of March.
  • Brent MAY 23 down -0.6% at 76.2$/bbl
  • WTI MAY 23 down -0.8% at 70.33$/bbl
  • WTI-Brent down -0.05$/bbl at -5.89$/bbl
  • Brent MAY 23-JUN 23 up 0.06$/bbl at 0.37$/bbl
  • Brent JUN 23-DEC 23 down -0.05$/bbl at 1.64$/bbl
  • Brent DEC 23-DEC 24 down -0.18$/bbl at 2.79$/bbl