April 23, 2024 08:41 GMT
Strength Returns to Crude Futures and Spreads
OIL
Crude futures rally back above the highs from yesterday with a weaker USD adding to the ongoing uncertainty over Middle East risks.
- Time spreads are also extending the gains from yesterday with the prompt spread rising back to levels seen on April 12 to reverse losses last week.
- Technical analysis shows Brent resistance at the April 12 high of $92.18/bbl and support at the 50 day EMA of $85.55/bbl.
- Brent JUN 24 up 1% at 87.83$/bbl
- WTI JUN 24 up 0.9% at 82.65$/bbl
- WTI-Brent down 0.14$/bbl at -5.19$/bbl
- Brent JUN 24-JUL 24 up 0.04$/bbl at 0.97$/bbl
- Brent JUN 24-DEC 24 up 0.27$/bbl at 4.76$/bbl
- WTI JUN 24-JUL 24 up 0.04$/bbl at 0.73$/bbl
- WTI JUN 24-JAN 25 up 0.23$/bbl at 4.55$/bbl
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