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OIL: Crude Holds Steady After Rally to Highest Since Early May

OIL

Crude is holding steady after an extension of the recent rally yesterday taking Brent through technical resistance levels. Front month Brent reached the highest since early May at $85.49/bbl amid support from better risk sentiment this week.  

  • Brent front month futures have rallied from a low of $76.76/bbl on June 4 while curve backwardation is also strengthening amid expectation of tighter supplies during Q3 and with potential improvement in summer fuel demand.
  • Time spreads rose to the highest since late April with the prompt up to $0.88/bbl and Dec24-DCec25 up to $5.22/bbl.
    • Brent AUG 24 down 0.2% at 85.14$/bbl
    • WTI AUG 24 down 0.2% at 80.55$/bbl
    • Brent AUG 24-SEP 24 down 0.03$/bbl at 0.77$/bbl
    • Brent DEC 24-DEC 25 down 0.09$/bbl at 4.98$/bbl
  • A tropical storm warning has been issued for a portion of the Western Gulf of Mexico Coast. Vessel pilots serving the Houston ship channel halted operations June 18 amid the approaching tropical storm.
  • Offshore oil service workers in Norway reached a deal to avoid going on strike, Offshore Norge said on Wednesday. A prolonged strike could have impacted output.
  • API showed US crude inventories rose 2.26mbbls last week counter to expectation for a draw in EIA data due out tomorrow due to a US holiday.
  • Trading volumes are expected to the thinner today with the US holiday and early ICE close.
  • Diesel cracks have resumed the trend higher so far in June driven by signs of tighter supply while gasoline cracks have edged back up after falling to the lowest since Feb last week amid disappointing early summer demand.
    • US gasoline crack up 0$/bbl at 23.18$/bbl
    • US ULSD crack up 0$/bbl at 24.7$/bbl
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