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OIL: Crude Time Spreads and Option Skews Follow Bullish Move

OIL
BulletEnergy BulletsCommodities

Crude time spreads and the options skews follow the latest bullish move in front month futures in reaction to tighter supply risks from potential US sanctions on Iran.

  • Trump is expected to restore "maximum pressure" on Iran with a campaign "aimed at driving Iran's oil exports to zero", a US Official said cited by Reuters.
  • Front month is back positive on the day to counter the bearish pressure from the rising US trade tensions with China and month delay to tariffs on Mexico and Canada.
  • The prompt Brent spread has rallied from a low of $0.59/bbl earlier today back to $0.72/bbl while Jun25-Dec25 is up to $2.91/bbl from $2.53/bbl.
  • The Brent second month 25 delta call-put volatility skew has narrowed back to around -1.1% from -1.95% while the WTI skew is up to -1.65% from a low of -2.7%.
    • Brent APR 25 up 0.2% at 76.09$/bbl
    • WTI MAR 25 down 0.8% at 72.59$/bbl
    • WTI-Brent down 0.17$/bbl at -3.92$/bbl
    • Brent APR 25-MAY 25 down 0.14$/bbl at 0.68$/bbl
    • Brent JUN 25-DEC 25 down 0.04$/bbl at 2.9$/bbl
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Crude time spreads and the options skews follow the latest bullish move in front month futures in reaction to tighter supply risks from potential US sanctions on Iran.

  • Trump is expected to restore "maximum pressure" on Iran with a campaign "aimed at driving Iran's oil exports to zero", a US Official said cited by Reuters.
  • Front month is back positive on the day to counter the bearish pressure from the rising US trade tensions with China and month delay to tariffs on Mexico and Canada.
  • The prompt Brent spread has rallied from a low of $0.59/bbl earlier today back to $0.72/bbl while Jun25-Dec25 is up to $2.91/bbl from $2.53/bbl.
  • The Brent second month 25 delta call-put volatility skew has narrowed back to around -1.1% from -1.95% while the WTI skew is up to -1.65% from a low of -2.7%.
    • Brent APR 25 up 0.2% at 76.09$/bbl
    • WTI MAR 25 down 0.8% at 72.59$/bbl
    • WTI-Brent down 0.17$/bbl at -3.92$/bbl
    • Brent APR 25-MAY 25 down 0.14$/bbl at 0.68$/bbl
    • Brent JUN 25-DEC 25 down 0.04$/bbl at 2.9$/bbl