Crude Unchanged After Slightly Stronger than Expected US Payrolls

Crude relatively unchanged despite pressure from a stronger US dollar following the slightly stronger than expected US payrolls data. Crude had earlier gained as the market continues to see volatility with OPEC+ member commitment to voluntary cuts weighed against strong non-OPEC supplies and amid future demand uncertainty.

• Nov NFPs 199k (185k expected, 150k unrevised)
• Unemp rate 3.7% (3.9% expected, prior 3.9%)
• Avg hourly earnings 0.4% M/M (0.3% expected, 0.2% prior)
• Technicals show the bear threat remains intact with next support for the Brent Feb24 contract at 73.5$/bbl.and short term resistance at the 20 day EMA at 79.73$/bbl.
• Crude time spreads are very slightly higher today with the near term in contango and the longer dated spreads still in backwardation but much softer then seen in late November.
  • Brent FEB 24 up 2.2% at 75.71$/bbl
  • WTI JAN 24 up 2.2% at 70.89$/bbl
  • Gasoil DEC 23 up 1.4% at 779.25$/mt
  • WTI-Brent down -0.09$/bbl at -4.58$/bbl
  • Brent FEB 24-MAR 24 up 0.03$/bbl at -0.16$/bbl
  • Brent JUN 24-DEC 24 up 0.18$/bbl at 1.02$/bbl
  • WTI JAN 24-FEB 24 up 0.02$/bbl at -0.23$/bbl
  • WTI JUN 24-DEC 24 up 0.18$/bbl at 1.19$/bbl