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OIL: Crude Resumes Rally Through Yesterday's Highs

OIL

Crude front month rallies through yesterday’s highs to resume a price rally in place since the start of the month.

  • Front month Brent is trading at the highest since Apil 30 with support from tighter crude balance expectations over the summer. EIA data yesterday showed signs of improving demand and a decline in US fuel stocks.
  • Crude spreads remain relatively unchanged on the day with the prompt spread also edging up through the weekly highs while the Dec24-Dec25 spread is holding just below the high of $5.22/bbl from June 18.
    • Brent AUG 24 up 0.5% at 86.18$/bbl
    • WTI AUG 24 up 0.5% at 81.73$/bbl
    • Brent AUG 24-SEP 24 up 0.08$/bbl at 0.93$/bbl
    • Brent DEC 24-DEC 25 up 0.08$/bbl at 5.18$/bbl
    • WTI AUG 24-SEP 24 up 0.04$/bbl at 0.84$/bbl
    • WTI SEP 24-OCT 24 up 0.03$/bbl at 0.85$/bbl
    • WTI DEC 24-DEC 25 up 0.1$/bbl at 5.5$/bbl
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