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OIL: Crude Resume Decline Amid Prospect of Returning Supply

OIL
BulletEnergy BulletsCommodities

Crude falls through the lows of the last week down to technical support levels with current OPEC plans to increase supply in December and the prospect of returning barrels from Libya offsetting geopolitical risks.

  • The OPEC JMMC monitoring committee, that can recommend changes to the group, next meets on Oct. 2.
  • Crude backwardation is also softening although both the prompt and the Dec24-Dec25 spread remain above the lows from last week.
  • Technical analysis shows Brent Dec24 contract support at the Sep.26 low of $70.25/bbl and with the key bear trigger at the Sept. 10 low of $68.29/bbl.
    • Brent DEC 24 down 2.1% at 70.23$/bbl
    • WTI NOV 24 down 2.2% at 66.65$/bbl
    • Brent DEC 24-JAN 25 unchanged at 0.24$/bbl
    • Brent DEC 24-DEC 25 down 0.28$/bbl at 0.72$/bbl
    • WTI NOV 24-DEC 24 down 0.05$/bbl at 0.35$/bbl
    • WTI DEC 24-DEC 25 down 0.27$/bbl at 1.11$/bbl
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Crude falls through the lows of the last week down to technical support levels with current OPEC plans to increase supply in December and the prospect of returning barrels from Libya offsetting geopolitical risks.

  • The OPEC JMMC monitoring committee, that can recommend changes to the group, next meets on Oct. 2.
  • Crude backwardation is also softening although both the prompt and the Dec24-Dec25 spread remain above the lows from last week.
  • Technical analysis shows Brent Dec24 contract support at the Sep.26 low of $70.25/bbl and with the key bear trigger at the Sept. 10 low of $68.29/bbl.
    • Brent DEC 24 down 2.1% at 70.23$/bbl
    • WTI NOV 24 down 2.2% at 66.65$/bbl
    • Brent DEC 24-JAN 25 unchanged at 0.24$/bbl
    • Brent DEC 24-DEC 25 down 0.28$/bbl at 0.72$/bbl
    • WTI NOV 24-DEC 24 down 0.05$/bbl at 0.35$/bbl
    • WTI DEC 24-DEC 25 down 0.27$/bbl at 1.11$/bbl