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Near Term Put Skew Narrows Today While Futures Hold Steady

OIL OPTIONS

The near term crude options are edging slightly less bearish today despite flat price futures holding near to previous close levels amid ongoing uncertainty over future global oil demand growth.

  • The OPEC MOMR released earlier today raised the 2023 oil demand growth forecast by 100kbpd to 2.5mbpd, stating that the outlook is positive despite exaggerated negative sentiment. The updated IEA monthly oil report is due out tomorrow.
  • The WTI second month 25 delta call-put skew is narrowing slightly today back to -1.8% from a low of -3.7% last week. The WTI skew is following the move up to -2.2% today from a low of -4.25%.
  • The longer term Dec24 crude option skews have remained relatively unchanged in the last week with the Brent Dec24 25 delta call-put skew today around -6.7% and the WTI Dec24 call-put skew at -6.6%.
  • Crude second month ATM implied volatility is holding below the highs seen in October with Brent today at 35.1% and WTI at 37.4%.
  • Brent aggregate traded options volumes dipped slightly below normal on Friday at 132k while WTI volumes fell to 129k. Crude futures aggregate volumes were also down on the day on Friday at 0.82m for Brent and 0.67m for WTI.
    • Brent JAN 24 up 0.1% at 81.48$/bbl
    • WTI DEC 23 down -0.1% at 77.11$/bbl
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