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Crude Time Spreads Follow Bearish Move in Flat Price Ahead of US Data

OIL

Brent time spread are following the bearish move in futures markets ahead of US data today with both the prompt and longer term spreads falling to the lowest since March.

  • Focus is on the US EIA crude inventory data and US Fed meeting due today and with added pressure from the hope for an Israel-Hamas ceasefire deal.
  • The prompt Brent spread is down from $0.88/bbl on April 26 down to a low of $0.63/bbl today. The Brent Dec24-Dec25 spread is down from $7.03/bbl on early April to $4.96/bbl today.
  • Technical analysis shows a bearish threat with next Brent support at $84.41/bbl and WTI support at $79.91/bbl.
    • Brent JUL 24 down 0.8% at 85.62$/bbl
    • WTI JUN 24 down 0.8% at 81.27$/bbl
    • WTI-Brent up 1.34$/bbl at -5$/bbl
    • Brent JUL 24-AUG 24 down 0.05$/bbl at 0.67$/bbl
    • Brent DEC 24-DEC 25 down 0.1$/bbl at 5.2$/bbl
    • WTI JUN 24-JUL 24 down 0.01$/bbl at 0.64$/bbl
    • WTI JUN 24-DEC 24 down 0.08$/bbl at 3.9$/bbl

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Brent time spread are following the bearish move in futures markets ahead of US data today with both the prompt and longer term spreads falling to the lowest since March.

  • Focus is on the US EIA crude inventory data and US Fed meeting due today and with added pressure from the hope for an Israel-Hamas ceasefire deal.
  • The prompt Brent spread is down from $0.88/bbl on April 26 down to a low of $0.63/bbl today. The Brent Dec24-Dec25 spread is down from $7.03/bbl on early April to $4.96/bbl today.
  • Technical analysis shows a bearish threat with next Brent support at $84.41/bbl and WTI support at $79.91/bbl.
    • Brent JUL 24 down 0.8% at 85.62$/bbl
    • WTI JUN 24 down 0.8% at 81.27$/bbl
    • WTI-Brent up 1.34$/bbl at -5$/bbl
    • Brent JUL 24-AUG 24 down 0.05$/bbl at 0.67$/bbl
    • Brent DEC 24-DEC 25 down 0.1$/bbl at 5.2$/bbl
    • WTI JUN 24-JUL 24 down 0.01$/bbl at 0.64$/bbl
    • WTI JUN 24-DEC 24 down 0.08$/bbl at 3.9$/bbl

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